IRAs
Traditional IRA
- Tax deferred until distribution at age 59 ½
- Contact us for current rate information & contribution levels
- No Bank Administration Fees
- 10% Tax Penalty for premature distribution (prior to age 59 ½)
Roth IRA
- You and your beneficiaries would not pay any federal income tax on the contribution amount when distributed, because you cannot claim a tax deduction for your contributions.
- You and your beneficiaries will not have to include in your taxable income the earnings of a qualified distribution.
- There are no required distributions while you are alive. Your beneficiaries will be required to receive distributions over a number of years.
- 10% excise tax on the taxable portion of a distribution prior to age 59 ½.
- Contact us for current rate information & contribution levels
Education IRA
- The income earned within the account will not be taxable when distributed if withdrawn to pay qualified education expenses.
- You are eligible to contribute to one or more Education IRA’s as long as your income is within certain limits depending upon your tax-filing status, and if the designated beneficiary of the Education IRA has not attained age 18.
- $2,000.00 Maximum contribution per beneficiary per year before the beneficiary reaches age 18.
- The beneficiary will be liable to pay a 10% excise tax on the taxable portion of a distribution if not used for education expenses.