TD Banknorth, N.A.Skip to main content
      Search Tips
Investor Relations | About Us | Careers | Locations | Customer Service  

IRA – Individual Retirement Account

   Personal IRAs | Frequently Asked Questions

 View rates and fees

Individual Retirement Accounts (IRAs) are a great way to save for the future because of the tax advantages they provide*.

  • Contribute up to a certain limit each year (see chart below) or 100% of earned income, whichever is less; contributions may be tax deductible.
  • Customers age 50 and over are eligible for an additional catch-up contribution.
  • For Traditional IRAs, earnings grow tax deferred but are taxable as income upon withdrawal; contributions may be tax deductible.
  • For a Roth IRA, earnings grow tax exempt. When withdrawn, you won't be charged income tax on the earnings if you meet the requirements of a qualified distribution.
  • Contributions to a Roth IRA are not tax deductible, therefore aren't taxable when withdrawn.
  • Check with your tax advisor to see if you're eligible for a tax deduction.
IRA Contribution Chart**
Year Maximum annual
contribution amount 		Age 50 or over
maximum amount
2008 $5,000.00 $6,000.00
2007 4,000.00 5,000.00
2006 4,000.00 5,000.00
2005 4,000.00 4,500.00
2004 3,000.00 3,500.00
2003 3,000.00 3,500.00
2002 3,000.00 3,500.00

*Consult your tax advisor or IRS Publication 590 to determine what type of IRA is right for you. Publication 590 can be found at your local post office or online at www.irs.gov.
**IRA contribution limits are based on earned income. You may contribute up to 100% of earned income, to the maximum listed above.

Learn more about IRAs and the differences between Traditional and Roth IRAs with our Frequently Asked Questions.

Calculators

Roth vs. Traditional IRA
This calculator will assist you in deciding where your annual contributions provide the greater benefit.

Roth IRA Conversion
This calculator will assist you in deciding whether or not it is beneficial for you to convert the assets in your Traditional IRA plan to a Roth IRA.

Contact Us

To learn more, call Customer eCare or send us an e-mail.
Did You Know?
We also offer Checking accounts, Savings accounts, Money Market accounts and Certificates of Deposit. You can apply online for a Home Equity Loan or a Home Equity Line of Credit.