Individual Retirement account
Traditional IRA
Under this arrangement, most often contributions are 100% deductible, but distributions are generally taxable.
Roth IRA
With Roth IRAs, contributions are not deductible, but distributions can generally be withdrawn tax-free.
Wondering what IRA option works best for you? Stop in and see one of our IRA specialists to discuss your eligibility to contribute. You might also be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.
