AM I ELIGIBLE TO HAVE AN IRA?
If you are under age 70 1/2 for the entire tax year and
HOW MUCH CAN I CONTRIBUTE TO MY IRA?
Any amount up to 100% of your income or $2000.00, whichever
DO I PAY TAXES ON THE EARNINGS OF MY IRA?
All earnings on your IRA contributions remain tax deferred
until you make withdraws from the account.
DO I GET A TAX DEDUCTION FOR MY CONTRIBUTION?
Deductibility of your contribution is based on whether
or not you or your spouse are an active participant in an employer-maintained
retirement plan. If you are eligible and not an active participant, you
are illegible for a full $2,000.00 deduction no matter how large your
WHAT IF I'M NOT ELIGIBLE FOR A DEDUCTIBLE IRA CONTRIBUTION?
You can still make nondeductible contributions to your
WHEN CAN I WITHDRAW FUNDS FROM MY IRA WITHOUT INCURRING ANY IRS PENALTIES?
After you reach the age of 59 1/2 or become disabled (with
WHAT IS A SPOUSAL IRA?
Spousal IRA rules allow a married person to make an IRA
contribution for his/her spouse. A couple can contribute up to 100%
of their combined earned incomes of $4,000.00, whichever is less.
HOW DO I OPEN AN IRA?
Simply come in and see any or our IRA representatives,
or call us at 1-906-341-4600.
You can also use the calculators to help you.
State Savings Bank