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

TRADITIONAL IRA

                        Who can contribute? 

Anyone who is under age 70 ½ has income from compensation (or who is filing jointly with a spouse who earns compensation)  

                        How much can I contribute? 

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

Tax year 2002-2004 $3000 per year 

2005-2008    $4000 per year 

2009  $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 

-Contribution deadline April 15 of following tax year

                        Tax Benefits 

-Earnings grow tax deferred until withdrawn 

-Contributions may be tax deductible 

-withdrawals are penalty free for the following reasons:

            Qualified higher-education expenses

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

            Age 59 ½

            Disability

            Qualifying medical expenses exceeding 7.5% of income

            Payment to beneficiaries upon the owner’s death. Payment of health insurance  premiums while employed