Individual Retirement Accounts - Financial tools designed to help you plan for your future!
Traditional IRAs
- Contributions may be eligible for a tax deduction.
- Earnings remain tax deferred until distributed from the IRA.
- Any individual younger than age 70 ½ who has compensation is eligible to make a contribution.
- Contribution deadline is the tax-filing deadline for the tax year.
ROTH IRAs
- Contributions are nondeductible, but earnings are tax-free.
- Individuals can continue to make ROTH IRA contributions after reaching age 70 ½.
- No required distributions.
- Contribution deadline is the tax-filing deadline for the tax year.
CESA (Education IRAs)
- Designed for the purpose of paying qualified education expenses of a designated beneficiary.
- Qualified education expense distributions are not taxed.
- Earnings are tax-free.
- Contribution deadline is the tax-filing deadline for the tax year.
