Individual Retirements Accounts

For further information on IRA’s, please give us a call at 378-0101 x0 or 1-800-950-5228, x0.

Traditional IRA
The Traditional IRA is an account that allows you to defer taxes on your earnings until they are withdrawn.

• Contribute up to $4000 per year (Higher limit age 50 and older), depending on your earned income and tax filing status

• Contributions may be tax-deductible.

• May withdraw penalty-free in certain circumstances.

Roth IRA
The Roth IRA is an account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, members who expect to be in a higher tax bracket when they retire may benefit more from a Roth IRA than from a traditional IRA.

• Contribute up to $4000 per year (Higher limit age 50 and older), depending on your earned income and tax filing status

• Withdrawals not required at age 70 ½.

Education IRA
The Education IRA is an account that features tax-free withdrawals for a child's higher education expenses. Contributions are nondeductible, therefore, unlike the Traditional IRA; distributions from an Education IRA are penalty-free and tax-free.

• Contribute $2000 per child per year

• Qualified education expenses may include tuition, books, fees and computer equipment.

• Funds can be transferred from one child’s account to another in the same family.

Linn Area has the following investment opportunities for your IRAs:

IRA Variable Rate Passbook Account
This investment option earns monthly dividends paid on the average daily balance. This account is available for periodic deposits and withdrawals.

IRA Certificates
Earn higher dividends with an IRA Certificate. IRA Certificates are available with a minimum deposit of $1,000 and are offered at the same terms as regular certificates.

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