ROTH IRA

A Roth IRAs tax advantages differ from the Traditional IRA. If eligible for this account, your annual contribution limits are the same but are not tax deductible.

A Roth IRAs tax advantages differ from the Traditional IRA. If eligible for this account, your annual contribution limits are the same but are not tax deductible.

Overview

Overview

A Roth IRA’s tax advantages differ from the Traditional IRA. If eligible for this account, your annual contribution limits are the same but are not tax deductible. However, since annual contributions have already been taxed, these contributions will never be taxed again and earnings can grow tax free. In addition, the contributed funds can be withdrawn any time you wish and there are no required minimum distributions after age 70½.

Details

Details

Withdrawals of your contributions to a Roth IRA are tax-free anytime. However, withdrawals of earnings are only free from federal income tax, provided they meet the following requirements:

  • You are purchasing your first home ($10,000 lifetime maximum)
  • The Roth IRA has been in existence for at least five years
  • You are age 59½ or older
  • You become disabled or have passed away

Benefits

Benefits

  • A retirement savings plan that allows an individual to contribute earnings until they are withdrawn.
  • Contributions are subject to annual limits depending on the age of the account owner and may or may not be deductible depending on the individual’s circumstances.
  • Earnings accumulate tax deferred until distributed to you at which time the earnings are subject to tax upon withdrawal.
  • A spouse may contribute to a separate account subject to the same limits.
  • Withdrawals made prior to age 59½ are subject to a 10% penalty unless certain special circumstances apply.
  • Distributions must begin by the account owner’s required beginning date (RBD), which is April 1 following the year that the account owner reaches age 70½.
  • Once the account owner reaches age 70½, he or she must withdraw at least a minimum amount called an annual Required Minimum Distribution (RMD).
  • If an account owner fails to withdraw the full amount of the RMD annually, or fails to withdraw the RMD, there is a 50% tax penalty that may be imposed by the IRS on the amount not withdrawn.

Minimum Investment

Minimum Investment

Account Minimums and Fees:

  • No income limitations
  • Contributions must be made in cash
  • Each state can establish their own minimums and maximums

Next Steps

Next Steps

If you know which IRA is right for you, open an account and complete the application. If you prefer to speak to us first, please schedule some time to discuss your investment goals and objectives.

Overview

529 Plans allow you to save for college while your money grows tax-deferred. Plans are designed to meet the needs of virtually every family and every budget. There is no minimum annual contribution required with a 529 Plan. Rules vary depending on your state of residence. Taxes and earnings are usually tax-deferred.

Details

Withdrawals of your contributions to a Roth IRA are tax-free anytime. However, withdrawals of earnings are only free from federal income tax, provided they meet the following requirements:

  • You are purchasing your first home ($10,000 lifetime maximum)
  • The Roth IRA has been in existence for at least five years
  • You are age 59½ or older
  • You become disabled or have passed away

Benefits

Tax advantages

  • Earnings grow tax-deferred
  • Distributions are tax-free
  • Gift and estate tax benefits

Education Savings Accounts

Account Minimums and Fees:

  • No income limitations
  • Contributions must be made in cash
  • Each state can establish their own minimums and maximums

Next Steps

If you know which IRA is right for you, open an account and complete the application. If you prefer to speak to us first, please schedule some time to discuss your investment goals and objectives.
Overview

Overview

529 Plans allow you to save for college while your money grows tax-deferred. Plans are designed to meet the needs of virtually every family and every budget. There is no minimum annual contribution required with a 529 Plan. Rules vary depending on your state of residence. Taxes and earnings are usually tax-deferred.
Details

Details

Withdrawals of your contributions to a Roth IRA are tax-free anytime. However, withdrawals of earnings are only free from federal income tax, provided they meet the following requirements:

  • You are purchasing your first home ($10,000 lifetime maximum)
  • The Roth IRA has been in existence for at least five years
  • You are age 59½ or older
  • You become disabled or have passed away

Benefits

Benefits

Tax advantages

  • Earnings grow tax-deferred
  • Distributions are tax-free
  • Gift and estate tax benefits

Minimum Investment

Education Savings Accounts

Account Minimums and Fees:

  • No income limitations
  • Contributions must be made in cash
  • Each state can establish their own minimums and maximums

Next Steps

Next Steps

If you know which IRA is right for you, open an account and complete the application. If you prefer to speak to us first, please schedule some time to discuss your investment goals and objectives.

The Galleon IRA

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Galleon IRA

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