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You have until the due date (without extensions) for filing your federal income tax return, normally April 15, to establish and fund your traditional IRA for the previous tax year.
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You are eligible for regular contribution if you do not reach age 70 1/2 in the calendar year for which you wish to make the contribution, and you have compensation or earned income.
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If you have not made any nondeductible contributions, then the distributions will be taxable as ordinary income. If you have made both deductible and nondeductible contributions, you will not generally have to pay income tax pro rata on the part of your distribution representing you nondeductible contributions. Withdrawals from your IRA before you reach age 59 1/2 will generally result in an additional tax of 10% of the amount withdrawn. This 10% tax is in addition to the regular income tax on the amount withdrawn.
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You must make a withdrawal of a minimum amount by April 1 of the year following the calendar year in which you reach age 70 1/2, and by each December 31 thereafter. The minimum amount is calculated using the IRA minimum distribution rules in effect..
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Yes, if you have invested your IRA funds in savings or time deposits as offered by an insured institution. The insured amount for a qualifying depositor with IRAs & Roth IRAs account is $250,000. Amounts in excess of $250,000 are not insured.
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The funds in your IRA will be paid to your beneficiaries.
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Simply see any of our IRA representatives. We will explain the nature of these accounts in more detail and help you complete the simple forms necessary to establish your IRA.
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