Personal Individual Retirement Accounts

 

An Individual Retirement Account (IRA) is one way for an individual to save for his/her retirement future. Anyone who receives taxable compensation may be eligible to contribute to an IRA. The two types of IRAs that allow for individual contributions are Traditional IRAs and Roth IRAs. For more details, see IRS Publication 590

The maximum contribution to an IRA is determined by the IRS each year. Please check with your account officer or the IRS to determine your contribution limits. 

Traditional IRA

 

  • Contributions may be deductible*
  • Earnings are tax-deferred until withdrawn
  • Additional tax credit to eligible contributors*
  • Can be funded by rollovers from qualified retirement plans (401(k), etc.)
  • Required Minimum Distributions (RMD) must begin in the year IRA holder turns 70 1/2 (or by Apr. 1 of following year)
  • Withdrawals prior to age 59 1/2 will be taxed and subject to 10% IRS penalty (See IRS Publication 590 for qualified early withdrawals)

 

 

Roth IRA

 

  • Contributions are not tax-deductable; made with after-tax dollars
  • Additional tax credit to eligible contributors*
  • Withdrawals prior to age 59 1/2 may be subject to income tax and 10% IRS penalty
  • Tax-free withdrawals after age 59 1/2 if the Roth IRA has been funded for more than 5 years
  • No Required Minimum Distributions
Spouses who do not have taxable compensation of their own may be eligible for a Spousal IRA. 
 
IRAs with United Bank are invested in Certificates of Deposit. Self-directed IRAs offering other investment opportunities are available through United Bank's Financial Services Division

 

* Please consult your tax professional regarding deductibility and eligibility of your IRA deposits. 

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