Get long-term tax benefits and save for your future and your beneficiaries with a Roth IRA. Because you can hold this account through your lifetime and never take distributions, Roth IRAs offer legacy and estate-planning benefits.
- No mandatory distributions at any age.
- Qualified distributions are tax-free after 5 years*.
- Qualified distributions may be tax-deductible.
- Contributions are invested on after-tax dollars and are never tax-deductible.
- Contributions can be made until the April 15** tax deadline.
- The maximum contribution depends on your modified adjusted gross income (MAGI) and your age.
- 2015 Maximum Contribution: $5,500 or 100% of earned income per tax year, whichever is less.
- 2015 Maximum Contribution for Roth IRA holders 50 years and older: $6,500.
- Contributions can be made even after you attain age 70½.
Financial planning can help you reach your retirement goals. At The First National Bank in Sioux Falls, our investment experts can help you to make the right choices about retirement accounts.
*If one of the following applies: Age 59½ or older, disability, death, and/or first-time home purchase ($10,000 lifetime limit per person).
**If the 15th falls on a weekend or holiday, the deadline is the next business day.
The above information is provided for educational purposes and is not intended as tax advice. Please consult a tax professional.