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Personal

Individual Retirement Accounts

You Should Know

  • No minimum amount
    for additional deposits
  • INTEREST PENALTY
    for early withdrawal
  • $25 FEE
    for early closure

Accounts

Traditional IRA Roth IRA Coverdell Education Savings Account
Description Helps individuals save for retirement. Same as Traditional IRA, but paid with after-tax dollars. Helps families save for children's education expenses.
Maximum Annual Contributions $7,000 $7,000 $2,000 annually per child until age 18, unless child has special needs.
Catch-up Contributions (Ages 50+) $1,000 $1,000 N/A
Tax-Deferred Earnings Yes Yes Yes
Tax-Deductable Contributions Available.
Talk with an advisor. 		No No
Rollover or Transfer Yes, but not to a CESA. Yes Yes, but only to another CESA.
Distributions
  • Required minimum distributions at age 73.
  • 10% penalty tax for early distributions.
  • Distributions subject to tax.
  • No required minimum distributions.
  • 10% penalty tax for early distributions.
  • Distributions are tax free.
  • Distributions are tax free when used for education expenses.