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IRA Information

Traditional IRA

Click here to obtain new account forms for a Traditional IRA

  • You can establish and make contributions to an IRA if you received taxable compensation during the year and have not yet reached the age of 70 1/2 by the end of the year.
  • Contributions may be made up to the lesser of 100% of compensation or $5,500 ($6,500 for individuals over the age of 50) in 2014. If you maintain multiple IRA accounts, the maximum contribution to all of the accounts can not exceed these totals.  See the IRS Retirement Plan COLA page for current information.
  • An IRA for any year may be opened and funded at anytime before the due date for filing your tax return, not including any extensions.

Roth IRA

Click here to obtain new account forms for a ROTH IRA

Traditional IRA vs. Roth IRA:

  • Unlike contributions to a Traditional IRA, contributions to a Roth IRA are not deductible.
  • Distributions from a Roth IRA are tax-free if held for at least five years and used for a qualified purpose such as reaching age 59 1/2, disability, first home purchase, or death.
  • Contributions may be made after age 70 1/2.
  • No required minimum distribution rules apply.

 

ROLLOVER IRA

Click here to obtain forms for a rollover IRA

  • If you received an eligible rollover distribution from your IRA, employer's qualified pension, profit sharing or stock bonus plan, annuity plan, or tax sheltered annuity plan (403(b) plan), you can roll over all or part of it into an IRA.
  • Rollover contributions must be made by the 60th day after the day you receive a distribution from your IRA or employer's plan in order to continue their tax-deferred status.

EDUCATION SAVINGS ACCOUNT

Click here to obtain forms for an Educational Savings Account

See the below links for information from IRS publication 970 {pdf} regarding...

  • [Parental] Income Limits
  • Qualified Education Expenses
  • Contribution Limits
  • Distributions

 

DISCLOSURE: THE ABOVE INFORMATION PRESENTS GENERAL INFORMATION ONLY, AND IS SUBJECT TO CHANGE BASED UPON EVER CHANGING US TAX LAWS. TO MAKE CERTAIN THAT OPENING A PARTICULAR ACCOUNT WILL SUIT YOUR NEEDS, BE SURE TO CONSULT A QUALIFIED TAX RESOURCE.