Online and Mobile Banking will be undergoing scheduled maintenance during the early morning hours on Sunday, March 26. Users may experience periodical outages causing Online and Mobile Banking to be unavailable. We apologize for any inconvenience.
.png?noresize&width=60&height=37&name=ATMcash%20(1).png){kind=icon}
All earnings of your traditional IRA remain tax-deferred until you make withdrawals, which are taxed as ordinary income during the tax year of their withdrawal. The deductibility of your contribution is based on IRS guidelines.
A Roth IRA is a non-deductible retirement account that features tax-free withdrawals for certain distribution reasons after five years. To qualify for a Roth IRA, you must have earned income (or your spouse must have earned income). You may contribute any amount up to 100 percent of your compensation or $6,000 (whichever is less) in 2019, as long as your Modified Adjusted Gross Income is within the limits established by the government. (There is an additional $1,000 allowed for those more than 50 years old.)
