| |
Traditional IRA |
Roth IRA |
| Eligibility |
- Individuals under the age of 70½ with earned income
- Non-compensated spouses of individuals with earned income filing joint tax returns
|
- Individuals with earned income, and an Adjusted Gross Income (AGI) less than $101,000 if single and less than $159,000 if married filing jointly
- Individuals with an AGI of $101,000 - $116,000 if single and $159,000 - $169,000 if married may make a partial contribution
|
| 2009 Annual Contribution Limit |
$5,000 if below 50 years of age; $6,000 if between 50 and 70 (not to include the 70½ year) |
$5,000 if below 50 years of age; $6,000 if age 50 and above |
| Contributions Tax Deductible |
Contributions may be tax deductible. Consult
your tax advisor for details |
No |
| Interest Taxed |
Yes
Interest earned is taxed on withdrawal |
No
Interest earned on a Roth IRA is tax exempt |
| Spousal Contributions Allowed |
Yes |
Yes |
Required Distribution
|
Funds distribution must begin when owner reaches the
age of 70½ |
None |
| Contributions After Age 70½ Allowed |
No |
Yes |
|
Qualified Withdrawals |
All withdrawals are allowed without an IRS penalty if the owner
is over 59½, deceased, or disabled |
- Assets must be on deposit for at least five years
- and
- Owner is over 59½ or disabled, deceased, or a first-time home buyer
|
| Investment Options |
- Money Rate Savings
- 18-Month Variable CD
- Fixed Rate CD
- Monthly Saver IRA
|
- Money Rate Savings
- 18-Month Variable CD
- Fixed Rate CD
- Monthly Saver IRA
|
| |
Learn More >> |
Learn More >> |
