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IRAs

 Traditional IRARoth IRACoverdell Education Savings Account
IRA Features Allows you to defer the taxes on your earnings until they are withdrawn.  Generally accepts funds from employer sponsored plans.  Features tax-free withdrawals for certain qualified reasons.  Offers potential benefits for individuals retiring in a higher tax bracket.  Allows you to contribute funds for the benefit of a child’s qualified education expenses.
Tax Deductibility Contributions may be tax deductible in the tax year for which they are made.  Contributions are not tax deductible. Contributions are not tax deductible.
Age Limitations Regular contributions are not permitted after age 70 ½. None Contributions are not permitted after child reaches age 18.
Maximum Contributions
(Tax Year 2016)
$5,500;
$6,500 age 50 and over.
(Limit based on aggregate total for Traditional and Roth)
$5,500;
$6,500 age 50 and over.
(Limit based on aggregate total for Traditional and Roth)
$2000.00 per child age 18 and younger.
Contribution Deadline
(Tax Year 2016)
April 18, 2017 April 18, 2017 April 18, 2017
Income Requirements (Tax Year 2016) Compensation Required Compensation Required
Contribution phase-out ranges may apply: Single: $117,000 - $132,000

Married, filing jointly:
$184,000 - $194,000
None
Required Distributions Required to begin at age 70 ½ None. Total funds must be disbursed to designated beneficiary by age 30.
Distribution Taxation and Penalties Distributions are subject to income taxes.  Distributions before age 59 ½ may result in IRS penalties. Distributions may be tax free. Distributions before age 59 ½ may result in IRS penalties. Distributions are neither taxable nor penalized if used for the child's qualified education expenses. 


For more information about income limitations or how using an IRA will affect your personal tax situation please consult your tax advisor.
For more information about IRAs visit www.irs.gov to view IRS Publication 590.  
For specific questions regarding IRA products contact member services at 474-0970 or 800-375-2235.

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