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IBC Bank IRAs

Personal IRAs OverviewChecking Process Header

Minimum Amount to Open an IRA is $50

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