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Retirement Accounts

Contribution Limits

The maximum contribution for Traditional and Roth IRA's is $6,000.00 for the 2019 tax year and $5,500.00 for 2018 tax year. IRA owners who are 50 or older can contribute an additional $1,000.00.

Distributions made from qualified retirement plans can be directly rolled over to a Roth IRA, if you qualify.

FDIC Insurance Coverage on Retirement Accounts is $250,000

Your deposits in a variety of retirement accounts at our insured institution are combined and insured to a maximum of $250,000. This applies to FDIC insured retirement deposits. Other categories of accounts you have on deposit at our institution will be insured to $250,000 separately from your retirement accounts.  If you have questions about maximizing your deposit insurance coverage, ask to speak to one of our representatives.

IRA Contribution Limits

Tax Year  Contribution Limit  Catch-Up Contribution Age 50 & Older Contribution Limit
2019 $6,000 $1,000 $7,000
2018 $5,500 $1,000 $6,500

Roth IRA Eligibility MAGI Thresholds

Filing Status Tax Year Full Contribution Partial Contribution No Contribution
Single 2019 ≤ $122,000 Between $122,000 and $137,000 ≥ $137,000
2018 ≤ $120,000 Between $120,000 and $135,000 ≥ $135,000
Married,
Joint
2019 ≤ $193,000 Between $193,000 and $203,000 ≥ $203,000
2018 ≤ $189,000 Between $189,000 and $199,000 ≥ $199,000
Married,
Separate
2019 N/A < $10,000 ≥ $10,000
2018 N/A < $10,000 ≥ $10,000

Traditional IRA Deductibility MAGI Thresholds

You are NOT covered by a Retirement Plan at Work

Filing Status Tax Year Full Deduction Partial Deduction No Deduction
Single 2019 Any amount up to limit N/A
N/A
2018 Any amount up to limit
N/A
N/A
Married,
Filing Joint, Spouse is not covered
2019 Any amount up to limit
N/A
N/A
2018 Any amount up to limit
N/A N/A
Married,
Filing Joint, Spouse is covered
2019 ≤ $193,000
Between $193,000 and $203,000
≥ $203,000
2018 ≤ $189,00
Between $189,000 and $199,000
≥ $199,000
Married,
Separate
2019 N/A < $10,000 ≥ $10,000
2018 N/A < $10,000 ≥ $10,000

Traditional IRA Eligibility MAGI Thresholds

You ARE covered by a Retirement Plan at Work

Filing Status Tax Year Full Deduction Partial Deduction No Deduction
Single 2019 ≤ $64,000 Between $64,000 and $74,000 ≥ $74,000
2018 ≤ $63,000 Between $63,000 and $73,000 ≥ $73,000
Married,
Filing Joint
2019 ≤ $103,000 Between $103,000 and $123,000 ≥ $123,000
2018 ≤ $101,000 Between $101,000 and $121,000 ≥ $121,000
Married,
Separate
2019 N/A < $10,000 ≥ $10,000
2018 N/A < $10,000 ≥ $10,000

Education IRAs

(Coverdell Education Savings Accounts)
  • The maximum annual contribution is $2,000.
  • Savings may be used for primary and secondary school expenses in addition to higher education fees.
  • The income eligibility limits are if your modified adjusted gross income (MAGI) is less than $110,000 ($220,000 if filing a joint return) you may be eligible to open a Coverdell Education Savings Account.
  • Contribution deadline is your tax filing date (usually April 15th).
We also offer Simple IRA's, SEP's & HSA's. See one of our IRA consultants for details.

Roll Your Distribution Over To Us

Leaving your job or retiring soon? If you're expecting a distribution from your employer's retirement account, roll it over to an account with us.

A direct rollover to an IRA with us lets you avoid:
  • The 20% federal income tax withholding on your distribution.
  • The 10% penalty for early withdrawal of retirement funds if you have not reached age 59½.
  • Current taxation.
Keep all of your money safe and working hard for you. Open a rollover IRA today.

Roth IRA Frequently Asked Questions (FAQs)
Traditional IRA Frequently Asked Questions (FAQs)