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Bank of America

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Apple, the Apple logo, iPhone, iPad, Apple Watch and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Get it on Google Play
Download the Bank of America App

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Individual Retirement Accounts (IRAs)

Get more out of your hard-earned retirement

IRA Basics

What is an IRA?

Individual retirement accounts (IRAs) are accounts specifically set up to use during retirement by offering significant tax advantages. And the sooner you start, the longer your money has to grow.

Why invest in an IRA?

In retirement you may need as much as 100% of your current after-tax income (take-home pay) minus any amount you are saving for retirement each year. This makes it all the more important to start saving sooner rather than later, and an IRA can help you get started.

What’s the difference between
Roth and Traditional IRA?

The 2 most common types of IRAs are Traditional and Roth. Which one you choose (or qualify for) depends on your age, income, and financial goals. Savings IRAs are available in both Traditional and Roth.

Retirement solutions for your future

Savings IRAs

Looking to lock in a guaranteed return for the term of your IRA CD? IRAs from Bank of America are FDIC insuredFootnote[1] and offer interest-bearing CD or money market savings account choices.

Learn more about Bank of America IRAs

Investment IRAs

Looking for a full range of investment choices? Open an IRA from Merrill Edge® and choose from a wide variety of stocks, bonds, ETFs and well-known mutual funds.

Learn more about Merrill Edge IRAs
Learn more about Merrill Edge IRAs

Planning for retirement?

Wherever you are in life, look to Bank of America for valuable retirement tools and insights

How much will you need to retire?
10 tips to boost your retirement savings
7 steps to prepare for your upcoming retirement
Develop a retirement income strategy

Self-service your IRA account

Need to update your IRA beneficiary?

Fill out the IRA Beneficiary Change (PDF) form to add or change beneficiaries for your IRA.

Need to provide your Federal withholding election on your IRA withdrawals/distributions?

Fill out the Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions (W 4R) (PDF) to elect federal withholding on your IRA withdrawals and scheduled/required minimum distributions.


Please return the completed form(s) to:
Bank of America, N.A.
TX2-979-02-14
P.O. Box 619040
Dallas, TX 75261-9943

Looking for other accounts?

We've got you covered

  • Checking accounts
  • Savings accounts
  • Certificate of Deposit (CD) accounts
Information for:

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Phone number: 844-375-7028
 
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Compare IRAs

Compare IRAs

Roth IRA

Traditional IRA

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Roth IRA

  • Any earnings are federal income tax free if withdrawn at or after age 59 ½ and the account has been open five years or more
  • Contributions (not earnings) can be withdrawn tax free at any timeFootnote[1]
  • Contributions are not tax-deductible

Traditional IRA

  • Any earnings grow federal income tax deferred until withdrawn at or after age 59 ½, at which time they are taxed at your current federal income tax rate
  • Contributions and earnings can be withdrawn free of the 10% additional federal income tax at or after age 59 ½
  • Contributions may be tax deductible

Roth IRA

Single tax filers earning less than $168,000 MAGI ($165,000 for 2025)Footnote[2]

Joint tax filers earning less than $252,000 MAGI ($246,000 for 2025)Footnote[2]

Traditional IRA

Anyone who has earned income equal to or greater than their IRA contribution is eligible

Contributions may be tax deductible for single tax filers earning less than $91,000 MAGI ($89,000 for 2025)Footnote[2]

Contributions may be tax deductible for joint tax filers earning less than $149,000 MAGI ($146,000 for 2025)Footnote[2]

Roth IRA

No Required Minimum Distribution (RMD) ever.

Traditional IRA

A Required Minimum Distribution (RMD) must be taken each year after you turn 73. You must take your first RMD by April 1 of the year after you reach age 73.

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Unique Benefits

  • Any earnings are federal income tax free if withdrawn at or after age 59 ½ and the account has been open five years or more
  • Contributions (not earnings) can be withdrawn tax free at any timeFootnote[1]
  • Contributions are not tax-deductible

Who is eligible?

Single tax filers earning less than $168,000 MAGI ($165,000 for 2025)Footnote[2]

Joint tax filers earning less than $252,000 MAGI ($246,000 for 2025)Footnote[2]

Withdrawals

No Required Minimum Distribution (RMD) ever.

Unique Benefits

  • Any earnings grow federal income tax deferred until withdrawn at or after age 59 ½, at which time they are taxed at your current federal income tax rate
  • Contributions and earnings can be withdrawn free of the 10% additional federal income tax at or after age 59 ½
  • Contributions may be tax deductible

Who is eligible?

Anyone who has earned income equal to or greater than their IRA contribution is eligible

Contributions may be tax deductible for single tax filers earning less than $91,000 MAGI ($89,000 for 2025)Footnote[2]

Contributions may be tax deductible for joint tax filers earning less than $149,000 MAGI ($146,000 for 2025)Footnote[2]

Withdrawals

A Required Minimum Distribution (RMD) must be taken each year after you turn 73. You must take your first RMD by April 1 of the year after you reach age 73.

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