Traditional IRA

Key Features

Contributions to a Traditional IRA have the potential to grow tax-deferred until the money is withdrawn.

Tax Advantages

Contributions may be tax-deductible

Benefits of Compounding

Earnings remain invested tax-deferred, allowing investments to compound

No Maximum Income Limits

Anyone with earned income can contribute

Overview
2 Ways to Manage Your Traditional IRA
Contributions & Withdrawals

Features & Benefits

Immediate tax advantages; contributions may be tax-deductible
Earnings remain invested tax-deferred, allowing your retirement investments to compound
Select from a wide array of investment options
No maximum income limits for eligibility, no minimum contribution required to open an account

Eligibility

Anyone with earned income or whose spouse has earned income can contribute to a Traditional IRA.

PNC Investments offers two convenient ways to manage your IRA, giving you the comfort and control that's appropriate for you.

Option One: Brokerage Plus

For clients who like flexibility when it comes to managing investments – plus the convenience of independent, online trading.

To Apply, Call 1-855-PNC-INVEST

Access a broad range of equities, ETFs (Exchange-Traded Funds) and mutual funds
Place zero commission trades online for equities, ETFs and mutual funds
Work with a team of support professionals via phone, to provide help with transactions or answer questions
View account information online, including electronic statements
Learn more about Brokerage Plus

What You Need to Apply

Option Two: Classic Investment Account

For clients who prefer to work with a dedicated PNC Investments professional who can provide objective, personalized guidance.

To Apply, Call 1-855-PNC-INVEST

PNC Investments will help you customize a plan from our wide product suite
Access analytical tools and reports, including Morningstar and S&P research
Access a team of support professionals via phone, to provide help with transactions or answer questions
View account information online, including electronic statements
Learn more about Classic Investment Account

What You Need to Apply

Contributions

Contribution Limits

2024 – Under 50
Filing Single	$7,000
Filing Joint	$14,000

Contribution Limits

2024 – Over 50
Filing Single	$8,000
FIling Joint	$16,000

Contribution Deadline

Contributions for a previous year can be made until the deadline for filing taxes for that year (without extensions).

Income Limits for Traditional IRA Tax Deductions

Your income determines to what extent your Traditional IRA contributions are tax-deductible. These limits are based on your Modified Adjusted Gross Income (MAGI). Consult your tax advisor to determine your specific deduction allowances.

If you are covered by an employer-sponsored plan:

Filing Single: 2024

MAGI	Deduction
Less than $77,000	Full
$77,000 - $87,000	Partial
Greater than $87,000	None

Married, Filing Jointly: 2024

MAGI	Deduction
Less than $123,000	Full
$123,000 – $143,000	Partial
Greater than $143,000	None

If you're covered, but your spouse is not: 2024

MAGI	Deduction
Less than $230,000	Full
$230,000 - $240,000	Partial
Greater than $240,000	None

Married, Filing Separately
(and lived with spouse any time during year): 2024

MAGI	Deduction
$0	Full
$0 - $10,000	Partial
Over $10,000	None

If you are NOT covered by an employer-sponsored plan:

Filing Single: 2024

MAGI	Deduction
All $ amounts	Full

Filing Joint: 2024

MAGI	Deduction
All $ amounts	Full

Withdrawals

In most cases, if you withdraw funds from a Traditional IRA before reaching age 59½, you will have to pay both income tax and a 10% penalty on any amount withdrawn. There are a few exceptions to this rule, which could waive the penalty. These include using the money to pay for qualified higher education expenses.

Required Minimum Distributions

Required Minimum Distributions (RMDs) are withdrawals that the federal government requires you to take annually from Traditional IRAs. Beginning in 2023, RMDs were triggered by your attainment of age 73, up from 72 (the RMD age as of 2019). You can always withdraw more than the minimum amount from your IRA in any given year, but if you withdraw less than the required minimum, you will be subject to a federal penalty.

Related Resources

The following information may be provided by PNC Investments affiliates, including PNC Bank, PNC Private Bank^SM PNC Institutional Asset Management^®

PNC Directions®

PNC Directions^® is a mutual fund and exchange traded fund (ETF) advisory program designed for investors taking those first steps toward achieving their financial goals. This account makes the process of investing easy and accessible by utilizing mutual funds and ETFs managed by our affiliates and other non-affiliates.

Learn More

Roth IRA

If you meet certain income qualifications, you can use a Roth IRA to invest towards your retirement with tax-free earnings, with potential tax-free withdrawals in retirement.

Learn More

Capital Directions®

Capital Directions^®, a unified managed account program, was designed for clients who prefer to consolidate and manage investments in an efficient, single account structure.

Learn More

Related Resources

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Traditional IRA

Offered by PNC Investments For anyone who earns taxable compensation, a Traditional IRA may be the appropriate choice.

Key Features

Contributions to a Traditional IRA have the potential to grow tax-deferred until the money is withdrawn.

Tax Advantages

Benefits of Compounding

No Maximum Income Limits

Features & Benefits

Eligibility

Related Resources

PNC Directions®

Roth IRA

Capital Directions®

Related Resources

Investment Insights from PNC

PNC Retirement Center

PNC Retirement Calculator

Get Started

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Offered by PNC Investments
For anyone who earns taxable compensation, a Traditional IRA may be the appropriate choice.