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Individual Retirement Accounts 

Based on your specific investment objectives, you can choose among three IRAs at INSOUTH Bank.

IRAs offer important tax-savings advantages and other benefits that make them a most attractive savings instrument. With a minimum of $100.00, you can open an IRA for 1 to 3 years, and choose between fixed and variable rate options.

Traditional IRA     

An account that allows you to defer taxes on your earnings until they are withdrawn

  • You may contribute 100% of your earned income, not to exceed $4,000 per year plus another $1,000 if you are over the age of 50.
  • Certain contributions may be tax deductible in the year they are made, based on how much you earn and whether you or your spouse participate in a retirement at work
  • Anyone with earned income can contribute; both spouses can each contribute, even if only one has earned income
  • Your IRA grows tax-deferred until withdrawal, at which time withdrawals are taxed as ordinary income
  • 10% early withdrawal penalty prior to 59 ½ years old; mandatory withdrawals start at age 70 ½ years
  • Certain step-ups in your eligible annual amount apply if you are over 50 years old
  • Other eligibility requirements may apply

Roth IRA

A nondeductible account that features tax-free earnings and withdrawals

  • You may contribute 100% of your earned income, not to exceed $4,000 per year plus another $1,000 if you are over the age of 50.
  • Roth IRA contributions are taxed in the year they are earned
  • Roth IRA dollars grow tax-deferred until you withdraw money, and qualifying withdrawals are tax-free
  • 10% early withdrawal penalty prior to 59 ½ years old, but you are not required to withdraw at 70 ½ years
  • Other eligibility requirements apply

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Coverdell Education Savings Account

A savings plan for a child's higher education expenses.

  • A nondeductible account with tax-free distributions
  • If the distributions are used for higher education expenses, there are no taxes due on the interest earned.
  • You may contribute up to $2,000 per year per child under 18 years old
  • Other eligibility requirements apply

How much can you save? Use our handy Retirement Calculator to figure your future earnings

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