IRAs
3 IRA Types to Choose From – Traditional, Roth and Education
Current IRA Rates
Traditional IRA
What are the age restrictions for contributions?
Owner must be under age 70 ½
What are the income limits for contributions?
There are no limits for contributions
What is the contribution limit?
$5,500 per year (minus Roth IRA contributions)
What is the deadline for contributions?
Tax return deadline for the year
When can earnings be withdrawn tax free?
N/A
When does the 10% early distribution tax penalty apply?
Before age 59 ½, unless deceased, disabled, taking pre 59 ½ periodic payments, paying qualified medical expenses, health insurance premiums for unemployed, first-home purchase, or educational expenses. Paying this tax at the time of distribution is optional
When must distributions begin?
age 70 ½
Roth IRA
What are the age restrictions for contributions?
NONE
What are the income limits for 2013 contributions?
Single filers: up to $112,000
Married couples filing jointly: up to $178,000
What is the contribution limit for 2013?
$5,500 per year (subtracting any Traditional IRA contributions)
What is the deadline for contributions?
Tax return deadline for the year
When can earnings be withdrawn tax free?
If both 5 year and qualified-reason tests are met
When does the 10% early distribution tax penalty apply?
Before age 59 ½, unless deceased, disabled, taking pre 59 ½ periodic payments, paying qualified medical expenses, health insurance premiums for unemployed, first-home purchase, or educational expenses. Paying this tax at the time of distribution is optional.
When must distributions begin?
At owner’s death
Education IRA
What are the age restrictions for contributions?
Designated beneficiary must be under 18
What are the income limits for contributions?
Individual filers: under $110,000 Married couples filing jointly: under $220,000
What is the contribution limit?
$500 per year (in addition to traditional/Roth IRA contributions)
What is the deadline for contributions?
Tax return deadline for the year
When can earnings be withdrawn tax free?
Before age 30 if used to pay higher-education expenses for designated beneficiary
When does the 10% early distribution tax penalty apply?
If not used for designated beneficiary’s education, unless designated beneficiary is disabled or deceased, or to the extent of the scholarship
When must distributions begin?
When designated beneficiary reaches age 30
Who do I contact for information or to get started?
or call 419-422-5626
MEMBER ACCOUNTS ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENT OR GOVERNMENT-SPONSORED AGENCY.
This institution is not federally insured. Our accounts are insured through ASI for up to $250,000 per account.
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