FEATURE |
REGULAR |
ROTH |
| Tax-Deductible Contributions3 |
Yes |
No |
| Tax-Deferred
Earnings |
Yes |
Yes |
|
Maximum Annual Contribution |
| Single |
|
$5,0004,5 |
| |
|
|
| Married filing jointly |
|
$10,0005 |
|
| Single |
|
$5,0004,5 |
| |
|
|
| Married filing jointly |
|
$10,0005 |
|
| Tax-free
Withdrawal of Earnings |
No |
Yes
If account is held for five years after the first contribution
is made, and any of the following reasons apply.
Age 59 1/2 and
 older
Disability
Death
First-time home
purchase6
|
|
Penalty-Free Distribution |
Qualified exceptions to the 10% penalty:
Age 59 1/2 and older
Death
Disability
Unreimbursed medical expenses above 7.5%
Adjusted Gross Income
(AGI)
Health Insurance costs if unemployed for more
than 12 weeks
Eligible higher educational expenses
First-time home purchase6
IRS levy of the account
Substantially equal periodic annuity payments
|
|
Age Deadline for Contributions |
70 1/2 |
No Age Limit |
1
Fees may reduce account earnings. Early withdrawal is subject
to taxation and penalties by the IRS and interest penalties
may be charged by the Bank. $15 account closing fee and
$12 annual administration fee apply. The minimum opening
deposit is $100.
2 Fees may reduce account earnings. Interest penalties
may be charged by the Bank, $15 account closing fee and $12
annual administration fee apply. The minimum opening
deposit is $100.
3 Please consult your tax advisor regarding the deductibility
of your IRA Account contributions.
4 $5,000 maximum in either a Roth Account or a Regular IRA
Account, or in a combination of both.
5 The maximum annual contribution for single individuals
age 50 or older is $6,000;
for married individuals age 50 or older filing
jointly is $12,000.
6 If both you and your spouse are first-time homebuyers, each
of you can receive distributions up to $10,000 for a first home
without having to pay the 10% penalty. |
Checking
