Planning for life changes in the future can be easy with IRAs. They are for any customer who wants to save or rollover funds for retirement or education with tax advantages while earning interest.
Traditional IRA To qualify you must have earned income and not have reached the age of 70 ½ by the end of that tax year Qualified individuals may contribute at anytimeThere is a maximum contribution per year and also the ability to make catch-up contributions Defer taxes on your earnings until withdrawalSome contributions are tax deductible
ROTH IRA To qualify you must have earned income, but there are no age restrictionsQualified individuals may contribute at anytime There is a maximum contribution per year and also the ability to make catch-up contributions This IRA is not taxed and earnings grow tax freeContributions are not tax deductible
Coverdell ESA (Education IRA) Distribution qualifications are for educational expensesAnnual contributions per designated beneficiary are limitedEarnings grow tax free Any amount in excess, after the educational fees are paid, is taxed as earned income Contributions are not tax deductible
You may wish to consult a tax advisor for further information.
DISCLAIMER: This business is not responsible for and has no control over the subject matter, content, information, or graphics when viewing links attached to this website.