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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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