IRA ACCOUNTS
The Tax Relief Act of 2001 has made Individual Retirement Accounts even more attractive as a savings plan for retirement, or in some cases, for certain education expenses.
TRADITIONAL IRA's are the original IRA's, but their contribution limits have been increased to $4,000 for 2005-2007. You may be able to deduct some or all of your contributions to this IRA. Generally, amounts in your IRA, including earnings, are not taxed until they are distributed.
ROTH IRA contribution amounts are the same as Traditional, but the contributions cannot be deducted. If certain requirements are met, qualified distributions are tax free. Contributions can be made after age 70 1/2.
COVERDELL EDUCATION IRA's now have an increased contribution limit of $2,000. Tax on earnings is deferred until the funds are withdrawn; and if used for qualified education purposes, the entire withdrawal can be tax free.
Our IRA accounts have no time deposit requirements and no maintenance fees.
