An Individual Retirement Account (IRA) may provide tax advantages for retirement savings as described by the Internal Revenue Service (IRS) which has been set up for the exclusive benefit of taxpayers or their beneficiaries.
Visit with one of our customer service representatives to find out which IRA is right for you.
- Individuals must have earned income and file a tax return to open a Roth IRA
- Contributions are always non-deductible
- Interest earned is tax free if withdrawn after 5 years of Roth participation and is considered qualified
- No age limit for contributions if the owner has earned income
- Contribution deadline is the tax filing deadline - no extensions
- Individuals must have earned income and file a tax return to open a Traditional IRA
- Contributions may be tax deductible or non-deductible
- Interest earned is tax deferred
- Contribution deadline is the tax filing deadline - no extensions
Savings Incentive Match Plan for Employees
- A small business retirement plan where employees (including the employer) can make pre-tax contributions and receive matching employer contributions.
- Employee's salary deferrals, employer's contributions and any investment earnings are not taxed until the employee takes distributions.
Simplified Employee Pension Plan
- A retirement account designed for small businesses or self-employed person to set up a retirement plan for themselves and all employees who meet the qualifications.
- The employer makes tax-deductible contributions directly into the IRA of all eligible employees
Coverdell Education Savings Account (Education IRA)
- A tax-free educational savings account established for the benefit of a child (known as a designated beneficiary) up to the age of 18.
- Earnings on the contributions accumulate tax-free if used for a qualified educational expense for any level of education.
