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Retirement Accounts

Contribution Limits

The maximum contribution for Traditional and Roth IRA's is $5,500.00 for the 2016 tax year and $5,500.00 for 2017 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. (This $250,000 is now permanent) 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
2017 $5,500 $1,000 $6,500
2016 $5,500 $1,000 $6,500

Roth IRA Eligibility MAGI Thresholds

Filing Status Tax Year Full Contribution Partial Contribution No Contribution
Single 2017 ≤ $118,000 Between $118,000 and $133,000 ≥ $133,000
2016 ≤ $117,000 Between $117,000 and $132,000 ≥ $132,000
Married,
Joint
2017 ≤ $186,000 Between $186,000 and $196,000 ≥ $196,000
2016 ≤ $184,000 Between $184,000 and $194,000 ≥ $194,000
Married,
Separate
2017 N/A < $10,000 ≥ $10,000
2016 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 2017 Any amount up to limit N/A
N/A
2016 Any amount up to limit
N/A
N/A
Married,
Filing Joint, Spouse is not covered
2017 Any amount up to limit
N/A
N/A
2016 Any amount up to limit
N/A N/A
Married,
Filing Joint, Spouse is covered
2017 ≤ $186,000
Between $186,000 and $196,000
≥ $196,000
2016 ≤ $184,00
Between $184,000 and $194,000
≥ $194,000
Married,
Separate
2017 N/A < $10,000 ≥ $10,000
2016 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 2017 ≤ $62,000 Between $62,000 and $72,000 ≥ $72,000
2016 ≤ $61,000 Between $61,000 and $71,000 ≥ $71,000
Married,
Filing Joint
2017 ≤ $99,000 Between $99,000 and $119,000 ≥ $119,000
2016 ≤ $98,000 Between $98,000 and $118,000 ≥ $118,000
Married,
Separate
2017 N/A < $10,000 ≥ $10,000
2016 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)