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ROTH IRA

If you're interested in tax shelters and investments toward retirement, this is a great account for you. The Roth IRA - with fixed and variable rate options - allows your investment dollars to build and be withdrawn tax-free if certain conditions are met. Plus, you can get started with as little as $100 and contribute up to the maximum limits allowed by law for the contribution year. You may choose a Roth IRA fixed-rate or variable-rate investment depending on your specific financial goals.

Features:

  • A Roth IRA (Individual Retirement Account) is a personal savings plan in which contributions are not tax-deductible, but distributions (including earnings) may be tax-free if certain requirements are met. Your Roth IRA contribution may qualify you for a tax credit.
  • You can open a Roth IRA if:
    • You are an individual with earned income or your spouse has earned income
    • Your Modified Adjusted Gross Income (MAGI) is below certain threshold levels
  • The amount you can contribute is based on your filing status, your age and your Modified Adjusted Gross Income (MAGI)

Roth IRA MAGI Thresholds for Single Filers

Year
Full Contribution
Partial Contribution
No Contribution
2013
Less than $112,000
$112,000 - $126,999
$127,000 or more
2014
Less than $114,000
$114,000 - $128,999
$129,000 or more

 

Roth IRA MAGI Thresholds for Joint Filers

Year
Full Contribution
Partial Contribution
No Contribution
2013
Less than $178,000
$178,000 - $187,999
$188,000 or more
2014
Less than $181,000
$181,000 - $190,999
$191,000 or more
  • Each year you may contribute any amount up to 100% of your earned income or up to the maximum contribution limits allowed by law for the contribution year, whichever is less.
  • Roth IRA contributions are combined with any Traditional IRA contributions for the year and the total amount may not exceed 100% of your annual earned income or up to the maximum contribution limits allowed by law for the contribution year, whichever is less.
  • The total maximum IRA contribution limit per individual for all types of IRAs by tax year is:

Tax Year

Maximum Contribution Limit

Additional "Catch-Up" Contribution

(allowed for those age 50 and older)

2013
$5,500
$1,000
2014
$5,500
$1,000
  • You qualify to take distributions free from IRS penalty and federal income tax from your Roth IRA if:
    • The contributions remain in your Roth IRA for a 5-year holding period. The 5-year holding period begins with the tax year for which the first contribution is made and the qualified distribution is for one of the following reasons:
      1. Distributions made on or after the date on which you become age 59 ½
      2. Distributions made to your beneficiary or your estate upon your death
      3. Distributions made when you are disabled
      4. Qualified first-time homebuyer distributions up to $10,000
    • Your distribution may be tax and IRS penalty free with our Roth IRA - see our Distribution Chart & check with your tax advisor

Roth IRA Distribution Chart
Frequently Asked Questions about Roth IRAs
Investment Options for Roth IRAs
Compare IRA plans

To find out more about Roth IRA's, call or visit the First Bank location nearest you.



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