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Use these forms to make changes to your Individual Retirement Account (IRA)

View Your IRA Account Balance

Online Banking Login

Make a Contribution to a Traditional IRA

Traditional IRA Contribution and Investment Form (PDF)

Make a Withdrawal from an IRA Account

Traditional IRA Withdrawal Form (PDF)

Withhold Taxes from Your IRA Withdrawal

Withholding Notice and Election Form (PDF)

Make a Contribution to a Roth IRA Account

Roth IRA Contribution and Investment Selection Form (PDF)

Make a Withdrawal from a Roth IRA

Roth IRA Withdrawal Authorization Form (PDF)

Traditional IRA FAQs

  • One of the immediate benefits of contributing to a Traditional IRA is a tax deduction you can receive on your income taxes. For tax year ending December 31, 2023, you may receive a 100% deduction on your annual contribution if:

    • You don’t receive benefits under an employer’s retirement plan
    • Or (if you do receive benefits under an employer’s retirement plan), your modified adjusted gross income is no more than $116,000-$136,000 if married and filing jointly or $73,000-$83,00 for single filers (these amounts are for the tax year ending on December 31, 2023)

    For the tax year ending December 31, 2024, you may receive a 100% deduction on your annual contribution if:

    • You don’t receive benefits under an employer’s retirement plan
    • Or (if you do receive benefits under an employer’s retirement plan), your modified adjusted gross income is no more than $123,000-$143,000 if married and filing jointly or $77,000-$87,000 for single filers (these amounts are for the tax year ending December 31, 2024)

    If you participate in an employer plan, IRA deductibility is gradually phased out above these income levels.

    If you reach the age of 50 before the end of the taxable year, you may be eligible to contribute an additional catch-up contribution to your Traditional and/or Roth IRA. For tax year 2006 and beyond, the annual amount is $1,000.

    • You can open and fund one without employer participation
    • Contributions/earnings are tax-deferred until retirement 1
    • Depending on your plan participation and income, you may benefit from tax deductions
    • Your funds are always available, generally not true of employer plans
    • There’s no minimum contribution

    The deadline to contribute to a Traditional IRA for a particular tax year is generally April 15 (or tax day) of the following year. When this date occurs on a weekend or a legal holiday, the following business day becomes the deadline.

     

    When you contribute to your IRA between January 1 and April 15 (or Tax Day) for the previous tax year, it’s referred to as a “carryback” or “prior year” contribution.

     

    For tax year ending December 31, 2023, the deadline to contribute a carryback contribution is Tax Day, April 15, 2024.

    A SEP is a type of retirement plan that allows an employer to contribute to employees’ Traditional IRAs. SEP contributions are subject to different contribution limits than Traditional IRA contributions. Once the employer makes a SEP plan contribution to an IRA, the contribution becomes an IRA asset and is subject to all the regular IRA rules and regulations. There are several other benefits of SEP plans:

    • Total SEP contributions cannot exceed $66,000 for 2023 and $69,000 for 2024
    • Contributions made by the employer are always 100 percent vested
    • SEP plans may make contributions on behalf of eligible participants at any age starting 2020.
    • Because SEP plan contributions become the employee’s IRA assets, these SEP IRA assets may generally be transferred in the same manner as IRA assets resulting from regular IRA contributions

    Yes! A non-deductible contribution gets you one step closer to a secure retirement. It grows tax-deferred and is tax-sheltered until you withdraw it.

     

    You should file a 8606 form to track your non-deductible contributions.

    You may receive a non-refundable tax credit (not to exceed $1,000) for contributions made to Traditional and Roth IRAs. If you are eligible, the tax credit equals the applicable percentage on up to $2,000 of a “qualified retirement savings contribution” which includes annual Traditional and Roth IRA contributions. Eligibility requirements include:

    • You need to turn 18 years before the end of the taxable year
    • You can’t be a dependent or a full-time student
    • You need to have adjusted gross income (AGI) within limits

    See the chart below for eligible income levels and the applicable percentage used to calculate the tax credit:

    Joint Return Head of Household All Other Cases Applicable percentage
    Over Not over Over Not over Over Not over
    $0 $37,000 $0 $27,750 $0 $18,500 50%
    $37001 $40,000 $27,751 $30,000 $18,501 $20,000 20%
    $40,001 $62,000 $30,001 $46,500 $20,001 $31,000 10%
    $62,000 $46,500 $31,000 0%


    Please consult a tax professional if you have further questions.

    You can contribute if you have earned income from employment equal to or greater than your IRA contribution.

     

    For tax year 2024, the contribution limit is $7,000 and, if you are age 50 or above, you could also make an additional $1,000 catch-up contribution for a combined total of $8,000 annually.

    Unlike most employer retirement plans in which access to funds is limited to such events as change of employment, plan termination, reaching retirement age, death, or disability, access to your IRA funds is guaranteed, always. However, until age 59 1/2 there is a 10 percent early distribution penalty and you may be taxed on the amount withdrawn unless you qualify for an exemption due to one of the following reasons:

    • Disability
    • Qualifying medical expenses
    • Qualifying education expenses
    • Unemployment (under certain conditions)
    • Qualifying first home purchase
    • Death
    • Receipt of your IRA assets in equal payments over your life expectancy
    • Distribution on account of an IRS Levy
    • Qualified HSA funding distribution
    • A qualified military reservist called to active duty for at least 180 days (applies to individuals ordered or called to active duty after 9/11/01 and before 12/31/07)

    You can move your IRA from one financial organization to another provided that your IRA assets are:

    • Withdrawn (distributed) and redeposited elsewhere (known as a rollover) within 60 days
    • Moved to another organization (known as a trustee-to-trustee transfer)

    Note: The IRS permits one rollover deposit in a 12-month period for all IRA accounts. This limitation doesn’t apply to Roth conversions or institution transfers

    Starting January 1, 2023, the Required Beginning age to take a Required Minimum Distribution (RMD) increased to 73 years old for IRA owners who will turn 73 in 2023. RMDs are generally based on your IRA balance divided by your life expectancy, either singly or jointly with your IRA beneficiary. IRAs are meant to provide for retirement, so if you don’t take your required distributions, you’ll be subject to a substantial penalty.

    Contributions made by an employer through a retirement plan known as a simplified employee pension (SEP) are actually contributed to a Traditional IRA, and they can be combined with regular IRA contributions. Effective in 2002, after-tax assets from a “qualified retirement plan” and assets held in governmental 457 plans are eligible for rollover to a Traditional IRA. To protect the option of someday moving them to another employer plan, such assets are often best kept in a separate IRA that contains no other contributions.

Roth IRA FAQs

    Single tax filers may contribute up to the maximum allowable per year if their modified adjusted gross income (MAGI) is less than $146,000. If a single tax filer’s MAGI is between $146,000 and $161,000, they may contribute a reduced amount adjusted for their income. Married couples filing jointly may each contribute up to the maximum allowable if their MAGI is less than $230,000. Contributions for joint filers are reduced for MAGI between $230,000 and $240,000.

     

    Roth IRA contributions may not be made by single tax filer’s with MAGI of more than $161,000 or couples with MAGI of more than $240,000.

     

    For tax year 2024, the contribution limit is $7,000 and, if you are age 50 or above, you could also make an additional $1,000 catch-up contribution for a combined total of $8,000 annually.

    You may make tax-free and penalty-free withdrawals from your Roth IRA if you satisfy two conditions. First, your Roth IRA must have been open for a minimum of five years. Second, the withdrawal must be made because of the occurrence of one of the following events:

    • Age 59 1/2
    • Death
    • Disability
    • First home purchase

    Distributions that meet the above requirements are referred to as “qualified distributions.” While you may take distributions from your Roth IRA at any time, distributions which are not qualified distributions may be subject to taxes (and in some cases early distribution penalties) to the extent they exceed your aggregate contributions to Roth IRAs.

    If you reach the age of 50 before the end of the taxable year, you may be eligible to contribute an additional catch-up contribution to your Traditional and/or Roth IRA. For tax year 2006 and beyond, the annual amount is $1,000.

    The deadline to contribute to a Roth IRA for a particular tax year is generally April 15 (or tax day) of the following year. When this date occurs on a weekend or a legal holiday, the following business day becomes the deadline. Tax return extensions will not affect this deadline.

     

    When you contribute to your IRA between January 1 and April 15 (or Tax Day) for the previous tax year, it’s referred to as a “carryback” or “prior year” contribution.

     

    For tax year ending December 31, 2023, the deadline to contribute a carryback contribution is Tax Day, April 15, 2024.

    The money you contribute to a Roth IRA has already been taxed. As long as you stay within the contribution guidelines, the principal amount is never subject to future taxes or penalties.

    Roth IRA contributions grow tax deferred. If you do not withdraw any of the earnings until you have had the Roth IRA for at least five (5) years and have a qualifying event, those tax-deferred earnings become tax-free.

    Unlike the Traditional IRA, there are no required minimum distributions at age 73. Your earnings can continue to grow until you need them. There are special requirements when these plans pass to your beneficiaries.

    Yes. You may convert assets from a Traditional IRA to a Roth IRA. You must pay tax on any previously untaxed dollars converted from the Traditional IRA to the Roth IRA, but the 10 percent early distribution penalty doesn’t apply to the conversion amount. You should seek advice from a tax professional to determine whether converting pretax retirement assets is beneficial.

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