| Choose your preferred investment option: |
|
Azzad Mutual Funds |
Ethical Wrap Program |
Download Important Information |
Prospectus |
Wrap Brochure |
Minimum to open |
$500 |
$4,000* |
Download IRA Application |
Application |
Application |
| Contributions |
Eligibility |
Anyone under the age of 70½ with taxable compensation during the year. No income limitation. |
Contribution limit under age 50 |
- Year 2009: $5,000
- Year 2010: $5,000
*Or 100% of earned income whichever is less |
Contribution limit over age 50 |
- Year 2009: $6,000
- Year 2010: $6,000
*Or 100% of earned income whichever is less |
Spouse contributions |
If you are married and file a joint income tax return (and meet annual compensation requirement) you may also contribute to an IRA for your spouse even if he/she has no taxable compensation for the year. |
Deadline |
Generally April 15 |
Tax Advantages |
IRA Contributions |
Your contribution may be fully or partially tax deductible. This depends on your annual income, your income tax filing status and whether you or your spouse is covered by a retirement plan at work. *Click here to find out more. |
IRA Earnings |
Your account's earnings are not taxed until the money is distributed to you. |
| Withdrawals |
Withdrawals after age 59½ |
Withdrawals are taxable income in the year received. |
Withdrawals before age 59½ |
10% early withdrawal penalty before age 59½ (and does not meet one of the early withdrawal exceptions) and withdrawals will be taxed. Penalty-free withdrawals permitted before age 59½ for first-time home purchase up to $10,000, higher education expenses or in event of disability or death. |
Required withdrawals at age 70½ |
No contributions are permitted beginning in the year you reach age 70½. Also, you must take out what are known as required minimum distributions from your IRA. |
| Key Strengths |
Key Tradeoffs |
|
- Contributions may be tax deductible
- Your account grows tax deferred
- Simple to maintain
- Not required to contribute each year.
- A tax-smart way to build your retirement nest
|
- Withdrawals may be taxable income in the year received
- Withdrawals prior to age 59½ may be subject to 10% penalty tax
- No contributions permitted upon reaching age 70½ and must begin taking required minimum distributions.
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* This information is not intended as tax advice. For more complete guidance on your particular financial situation, please consult your tax advisor or speak to an Azzad investment advisor at 888-862-9923. Please make sure to read the Azzad mutual funds' prospectus or Ethical Wrap Program's brochure before you invest. The wrap minimum applies after meeting standard minimum with other accounts.
