IRA’S- This is an overview of each IRA if you have any questions please contact one of our IRA representatives   
Please select the IRA that you are interested in below

ROTH IRA 
Who can contribute?   

-Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following modified adjusted gross income (MAGI) from the federal tax form:

            -Up to $95,000 ( single filers)      

            -Up to $150,000 (joint filers)

Reduced contributions allowed for higher incomes (up to $110,000 for single filers and $160,000 for joint filers) 

                        How much can I Contribute? 

Maximum amounts are combined with both traditional and Roth Ira’s 

Tax year 2002-2004 $3000 per year 

2005-2007    $4000 per year 

2008  $5000 per year 

after year 2008 limits will be adjusted annually for inflation in $500 increments                       

Catch up contributions for individuals age 50 or older:

            -An additional $500 is allowed for tax years 2002-2005

            -An additional $1,000 is allowed for tax years 2006 and beyond 

-Federal income tax deadline for new limits starts January 1,2002, for tax year 2002 contributions 

                        Tax Benefits 

-Regular contributions can be withdrawn tax and penalty free at any time. 

-After the account has been open for five tax years, earnings can be withdrawn tax and penalty free for any of these reasons-59 ½, disability, death, or first time home purchase.*

            (*Lifetime limit for exemption on first-time home purchase is $10,000) 

-Earnings and conversion contributions can be withdrawn penalty free for the same reasons as those for penalty-free withdrawals from traditional IRA’s (withdrawal may be subject to tax)