Personal IRAs OverviewChecking Process Header
IRAs
IRAs are designed to help you with retirement planning and to save for the future while enjoying tax benefits along the way.- Roth IRA - You can invest and then enjoy tax-free earnings from growth, dividends and interest, available beginning at the age of 59½
- Educational IRA - Help build a family member's college fund with tax-free earnings
- Traditional IRA - Reduce your current year's taxable income and get those funds growing for your future (withdrawals available as early as age 59½)
CARES Act Updates
- IRA - RMD's (Required Minimum Distributions) have been waived (suspended) for Tax Year 2020. Speak with your tax advisor on how to re-deposit IRA-RMD's
- The Internal Revenue Service (IRS) postponed the deadline for income tax reporting from April 15, 2020 to July 15, 2020
- Contributions from 2019 have also been postponed from April 15, 2020 to July 15, 2020
- Retirement and Health Savings Account (HSA) Contributions for 2019 have also been extended to July 15, 2020
- In 2020, the additional 10% penalty (Tax) for early IRA distribution has been waived by the IRS; withdrawals are still subject to taxes
- For more information, click here