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IRA Accounts
For further information on IRA's, please give us a call at 362-3171.
Traditional IRA
The Traditional IRA is an account that allows you to defer taxes on your
earnings until they are withdrawn.
- Contribute up to $3000 per year (Higher limit age 50 and older),
depending on your earned income and tax filing status
- Contributions may be tax-deductible.
- May withdraw penalty-free in certain circumstances.
Roth IRA
The Roth IRA is an account that features tax-free withdrawals for certain
distribution reasons after a five-year holding period. Since Roth IRA
contributions are nondeductible and taxed in the year they are earned,
members who expect to be in a higher tax bracket when they retire may
benefit more from a Roth IRA than from a traditional IRA.
- Contribute up to $3000 per year (Higher limit age 50 and older),
depending on your earned income and tax filing status
- Withdrawals not required at age 70 ½.
Education IRA
The Education IRA is an account that features tax-free withdrawals for a child's
higher education expenses. Contributions are nondeductible, therefore, unlike the
Traditional IRA; distributions from an Education IRA are penalty-free and tax-free.
- Contribute $2000 per child per year
- Qualified education expenses may include tuition, books, fees and computer equipment.
- Funds can be transferred from one child's account to another in the same family.
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