Bank of America IRA

Hello sir I want to know about Bank of America Ira so here can you please give me its basic details ?

[Shaleen]

Hey as Bank of America is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina.

IRA
Individual retirement accounts (IRAs) are accounts specifically set up to use during retirement by offering significant tax advantages

Types of IRA
The 2 most common types of IRAs are Traditional and Roth

Roth IRA

A Roth IRA is a retirement savings account that provides federally tax-free
growth and withdrawals once it has been open for 5 years and you are 59½
years of age.

Contributions can be withdrawn at any time, tax and penalty-free.

You can use a Roth IRA to hold investment products such as mutual funds,
stocks, bonds, and ETFs or bank products like CDs and money market
savings.

Traditional IRA

Traditional IRA is a retirement savings account that provides federally tax-
deferred growth.

Withdrawals after the age of 59½ are taxed at your tax rate at that time.

Contributions may be tax-deductible.

You can use a Traditional IRA to hold investment products such as mutual
funds, stocks, bonds, and ETFs or bank products like CDs and money market
savings.



Contribution Limit

Your contribution limit depends on your age and earned income.

The maximum amounts allowed by law that you can contribute to your IRA
in 2015 are $5,500 if you are under the age of 50 and $6,500 if you are 50 or
older

For 2016, you may contribute $5,500 if you are under the age of 50 and
$6,500 if you are 50 and older.

If your earned income is less than these amounts, the maximum allowable
contribution is 100% of your earned income.