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| The Roth IRA gives you a significant tax advantage when you retire. All qualifying deposits and withdrawals from Roth IRAs are tax exempt. Roth IRAs give you security and flexibility in your investment options. BB&T offers a variety of investment choices for your Roth IRA. Speak with your Relationship Banker at your local branch to learn more about planning for a secure retirement. |
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| Roth IRA Eligibility |
| Who is Eligible |
- 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
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| Eligible Income* |
- Wages
- Salaries
- Tips
- Professional fees
- Bonuses
- Taxable alimony
- Commissions received as a percentage of profits or sales price
- Self employment income from a sole proprietorship
- Partnership income for which services have been provided
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| Ineligible Income* |
- Income from rental property
- Interest income
- Dividend income
- Pension or retirement income
- Annuity income
- Deferred compensation
- Foreign earned income
- Any income not included in gross for federal taxes
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| * Federal regulations limit which sources of income may be
used to fund Roth IRAs |
| Contributions and Withdrawals |
| Contribution Limits |
- For 2008, individuals younger than 50 may contribute $5,000 per year or 100 percent of eligible compensation, whichever is less
- For 2008, individuals age 50 and older may contribute $6,000 or 100 percent of eligible compensation, whichever is less
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| Tax Deduction |
All contributions are non-deductible |
| Additional Deposits |
See Investment Options detail |
| Withdrawals |
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Assets must be on deposit for at least five years
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- Owner is over 59½ or disabled, deceased, or a first-time home buyer
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| Investment Options |
| Money Rate Savings |
- Interest-bearing deposit account
- No maturity date
- Interest rate is tied to money market rates
- $100 minimum opening deposit
- Additional deposits (annual limit contributions, rollovers, and transfers) are allowed at any time (Interest will accrue on all additional deposits at the same rate and APY in effect at the time of the additional deposit.)
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| 18-month Variable CD |
- 18-month Certificate of Deposit
- Additional deposits (annual limit contributions, rollovers, and transfers) are allowed at any time (Interest will accrue on all additional deposits at the same rate and APY in effect at the time of the additional deposit.)
- The CD automatically rolls over
- $500 minimum opening deposit
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| Fixed Rate CD |
- Certificate of Deposit with the rate fixed for the term
- Terms available from 30 days to 60 month
- Additional contributions, up to the annual contribution limit, are allowed at any time (Interest will accrue on all additional deposits at the same rate and APY in effect at the time of the additional deposit.)
- Rollovers and transfers may be made at any time into a new time deposit under the same IRA plan
- $500 minimum opening deposit
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| Monthly Saver IRA |
- Certificates of Deposit with terms from 30 days to 60 months
- Requires an automatic draft from a BB&T checking or savings account
- Drafts are for current year only and are subject to IRS contribution limits (Interest will accrue on all additional deposits at the same rate and APY in effect at the time of the additional deposit.)
- $100 minimum opening deposit
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| Open a Roth Individual Retirement Account (IRA) |
| Open a Roth IRA in person at your local branch |
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| Send us an Email |
| Feel free to contact us by email |
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