Traditional & Roth IRAs
Traditional IRA
Anyone with earned income. Also available to a non-working spouse.
Annual contribution limits and eligibility are set by the IRS. Persons over the age of 50 can make catch-up contributions.
Yes, subject to retirement plan participation status and modified adjusted gross income limits.
Anytime after the customer reaches the age of 59½ or under the following circumstances:
- Customer dies or becomes disabled
- Distributions are part of certain periodic payments
- For medical expenses in excess of 7.5% of MAGI
- For health insurance premiums if the customer has been receiving unemployment compensation for 12 weeks or longer
- For higher education expenses
- First time home buyer
Roth IRA
Available to anyone who has earned compensation and meets income limits. Also available to a non-working spouse.
Annual contribution limits and eligibility are set by the IRS. Persons over the age of 50 can make catch-up contributions.
No. The Roth IRA is a non-deductible account that features tax-free withdrawals for certain distributions reason after a 5 year holding period.
Withdrawal of contributions can be made anytime without taxes or penalties. Withdrawal of earnings is tax and penalty-free if it is a qualified distribution. Qualified distributions are tax-free if taken at least 5 years after the year of your first Roth contribution and you have reached the age of 59½ or:
- Customer dies or becomes disabled
- Distributions are part of certain periodic payments
- For medical expenses in excess of 7.5% of MAGI
- For health insurance premiums if the customer has been receiving unemployment compensation for 12 weeks or longer
- For higher education expenses
- First time home buyer
Nest Egg IRA
Available as a fixed or variable rate product. Call your local customer service specialist today for more information.
Community State Bank’s commitment to helping us succeed has been evident throughout our partnership. We have been with them since the start in 2016 and we look forward to continuing to work with them in the future. Thank you, Community State Bank, for your support and dedication to the success of our business.
Ryan and Torrey Hildebrand
Business Account Customer
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