Products and Services - IRA Accounts

Invest For Your Future

Traditional IRAs - More attractive than ever because expanded income limits mean more people than ever will be able to make tax-deductible contributions. In addition, penalty free withdrawals are allowed for qualified higher-education expenses and for a first-time home purchase.

Roth and Educational IRAs - Contributions are not tax deductible, but the accounts offer the opportunity for tax-free earnings. Both the Roth and Educational IRA are available for married couples with a household income below $150,000.00 and single filers with a household income less than $95,000.00. Most importantly individuals will have the opportunity to roll Traditional IRA assets into a Roth IRA.

Distributions from the new Roth IRA that are held for at least five years are tax-free but must be used for a qualified purchase. Qualified distributions from a Roth IRA include those made for a first home (up to $10,000.00), age 59½, death and disability.

Distributions from the new Education IRA held for at least five years are tax-free, but must be used for qualified higher education expenses such as books, supplies, and equipment required for enrollment at colleges and vocational schools. Contributions are limited to $500.00 per year and are only available to children under 18 years of age.

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