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Unlike the Traditional IRA, contributions made to a Roth IRA cannot be deducted for tax purposes. However, growth achieved through investment returns is free from income tax.
You can withdraw your initial contribution – but leave all the earnings alone to continue to grow – with no early withdrawal penalty tax, or income tax due. Something to consider if you think you may not be able to leave it until age 59 1/2 or later.
While contributions are not tax-deductible, qualified withdrawals of earnings can be federal income tax-free when certain withdrawal requirements are met.
Mutual of Omaha Bank offers several Certificate of Deposit (CD) options for funding traditional IRAs, including fixed rate and variable rate accounts.
To find out more about an IRA savings account now, call toll free: 866.351.5646
or open an account at a community bank near you.
Product availability and terms can vary by state. Contact your local banker for complete details.
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