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 anytime
  • There is a maximum contribution per year and also the ability to make catch-up contributions
  • Defer taxes on your earnings until withdrawal
  • Some contributions are tax deductible
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    ROTH IRA 
  • To qualify you must have earned income, but there are no age restrictions
  • Qualified 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 free
  • Contributions are not tax deductible
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    Coverdell ESA (Education IRA)  
  • Distribution qualifications are for educational expenses
  • Annual contributions per designated beneficiary are limited
  • Earnings grow tax free
  • Any amount in excess, after the educational fees are paid, is taxed as earned income
  • Contributions are not tax deductible
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    You may wish to consult a tax advisor for further information. 
     


    FDIC
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