A Traditional IRA is a tax-advantaged arrangement that allows earnings and deductible contributions to grow tax deferred. That means you don't pay income taxes on the earnings and deductible contributions of your IRA until you begin taking withdrawals.
You must not attain the age of 70½ during the year you contribute to a Traditional IRA. You must also have earned income (compensation) in order to contribute to a Traditional IRA.
State Farm® does not provide tax or legal advice. You should contact your tax or legal advisor for advice regarding your situation.
MPC #140258 exp 02/28/16
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