WHAT IS A ROTH IRA?
A nondeductible account that features tax-free withdrawals
for certain distributions reasons after a five-year holding period.
AM I ELIGIBLE FOR A ROTH IRA?
Basically, there are two requirements for eligibility to
contribute to a ROTH IRA:
You must have earned income (or your spouse )
Your modified adjusted gross income MAGI) cannot exceed certain limits
HOW MUCH CAN I CONTRIBUTE?
Up to 100% of your earned income or $2000.00, whichever
is less, as long as your MAGI is within prescribed limits
DO I PAY TAXES ON MY EARNINGS?
No, provided you take the earnings as part of a qualified
WHAT IS A QUALIFIED DISTRIBUTION?
You must meet a five-year holding period for your ROTH
IRA. After that, any earnings you with draw for a qualified distribution
reason are tax free and IRS penalty free.
HOW DO I OPEN AN ROTH IRA?
Simply come in and see any or our IRA representatives,
or call at 1-906-341-4600.
You can also use the calculators to help you.
State Savings Bank