SAVE FOR YOUR FUTURE

A traditional IRA allows contributions that are tax deductible (within the IRS limits), and grows tax deferred until you withdraw the funds.

Who can contribute?

• Anyone under the age of 70 ½ who has income compensation (or who is filing jointly with a spouse who earns compensation)
• If you have received a distribution from a qualified retirement plan and decide to rollover the proceeds of that plan into an IRA

How much?

• Regular Contribution: $6,000 per year
• Over Age 50: $7,000 per year

Roth IRAs are not tax-deductible, but your investment will grow free of taxes and you will be able to withdraw the money tax-free during retirement.

Who can contribute?

• Anyone under the age of 70 ½ who has income compensation (or who is filing jointly with a spouse who earns compensation)
• If you have received a distribution from a qualified retirement plan and decide to rollover the proceeds of that plan into an IRA

How much?

•   Regular Contribution: $6,000 per year
•   Over Age 50: $7,000 per year

A Coverdell Education Savings Account is a tax-deferred trust account that was implemented by the U.S. government to help families in funding educational expenses for beneficiaries 18 years old or younger. Exceptions for the age restrictions are made for children with special needs.

Who can contribute?

• Anyone who has a Modified Adjusted Gross Income (MAGI) from the Federal tax form can contribute.
• Up to $95,000 for single filers
• Up to $190,000 for joint filers
• Reduced contributions  may be allowed for a higher MAGI
• Contributions now allowed after the beneficiary reaches age 18 (except for special-needs beneficiaries)

How much?

• $2,000 per child per year
• Limit applies to all Coverdell ESAs for the same child