Traditional and Roth IRAs can help you hold on to more of your money!!
Traditional and Roth IRAs are personal savings plans that allow you to keep more money for yourself and pay less to Uncle Sam.
Here’s just a few FAQ’s about IRA’s :
| FAQ | Roth IRA | Traditional IRA |
|---|---|---|
| Who can contribute? | You are eligible if your MAGI* is less than the limit set by Congress and you earn compensation (or your spouse ears compensation and you file a joint return). If your MAGI is too high to contribute the annual contribution limit, you may be able to make a smaller contribution. | You are eligible if you have not reached age 701/2 at the end of the year and you earn compensation (or your spouse earns compensation and you file a joint return). Anyone who has received a distribution from a qualified retirement plan and decides to roll over the proceeds of the plan |
| How much can I contribute? |
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| What are the tax advantages? |
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* MAGI is Modified Adjusted Gross Income.
** Lifetime limit for exemption on first-time home purchase is $10,000
Contribution and deductibility limits change frequently. Consult your tax professional regarding your individual circumstances.
Call or stop in today and let us explain your options, answer any questions you may have and help you open your IRA.
