19monthCD

Roth IRA

A Roth IRA can be a powerful way to save for retirement since potential earnings grow tax-free*. Additionally, you don't have to pay taxes when you make qualified withdrawals.

  • No age limits to contribute
  • Income Limits
    Amount you can contribute:
    - Cannot exceed amount of yearly income; household income if married and filing jointly
    - Cannot exceed IRS limits
    - Can be reduced or eliminated based on your modified adjusted gross income
  • Can minors or nonworking spouses contribute?
    Cornhusker bank does not offer youth IRAs. Nonworking spouses can contribute subject to household income restrictions.
  • Are there contribution limits?
    - If you are under 50 you can contribute up to $6,500
    - If you are over 50, you can contribute $7,500
  • Can you claim contributions as a tax deduction?*
    No. Tax credits available under certain circumstances.*
  • Are taxes paid on withdrawals?
    You will not pay taxes on withdrawals after the age of 59 ½ and you’ve met the 5 year holding period.
  • Is there a penalty on withdrawals taken before you turn 59½?
    No bank penalties on withdrawals on contributions, but there is a 10% federal tax on withdrawal of earnings. There is a 10% penalty tax on all withdrawals before the age of 59 ½ and before the 5 year holding period is met. Exemptions available for specific situations and uses.
  • No required minimum distributions
     

Check Current Rates

 

*Consult a tax advisor for specific details and requirements.

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