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. The maximum annual contribution that can be made to a Roth IRA is $5,000. Individuals over age 50 may be eligible for an additional $1,000 catch-up contribution. 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 Roth IRAs, including fixed rate and variable rate accounts.

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To open an IRA or if you have any questions, please call 866.351.5646 (toll-free).