| Traditional IRA Variable & Fixed Rate |
Roth IRA Variable & Fixed Rate |
Coverdell Education Savings Account Variable & Fixed Rate |
Simplified Employee Pension IRA Variable & Fixed Rate |
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|---|---|---|---|---|
| Description: | The traditional IRA account which allows you to contribute earned income and defer taxes on contributions & earnings until they are withdrawn. | Contributions are taxed going into IRA account, but no tax is paid on qualified withdrawals A great tool to help plan for retirement |
Designed specifically for those saving for educational purposes | For employers who want to provide a tax-advantage savings method for themselves and their employees |
| Minimum Opening Deposit: | $500 | $500 | $100 | $100 |
| Terms: | 12 Months,18 Months, and 24 Months |
12 Months & 18 Months |
12 Months & 18 Months |
12 Months & 18 Months |
| Tax Deferral Status: | Contributions may be tax deductible** Earnings are taxed deferred until withdrawn |
Contributions are not tax deductible** No taxes paid on qualified withdrawals of earnings |
Contributions are not tax deductible** No taxes paid on withdrawals of funds for qualified education expenses |
Contributions may be tax deductible to employers** Taxes are deferred until withdrawn |
| Allowable Contributors: | Individuals under 70 1/2 years of age |
Individuals with earned income subject to modified adjusted gross income limits | Anyone can contribute for the benefit of an individual who is under age 18. (exceptions apply for 18+) Modified adjusted gross income limitations apply |
Contributions are made by employer to IRA accounts for eligible employees |
| Withdrawal Information: | A 90-day interest forfeiture penalty applies to any non-qualified early withdrawal* Regular retirement withdrawals can be made as early as age 59 1/2 and must begin once a participant attains age 70 ½* |
A 90-day interest forfeiture penalty applies to any non-qualified early withdrawal*
Contributions may be withdrawn at any time without taxation.* Qualified withdrawals of earnings may be made without taxation after five years* |
A 90-day interest forfeiture penalty applies to any non-qualified early withdrawal*
No taxes or IRS penalties paid on withdrawals for qualified educational expenses* |
A 90-day interest forfeiture penalty applies to any non-qualified early withdrawal*
Regular retirement withdrawals can be made as early as age 59 1/2 and must begin once a participant attains age |
| Account Dates: | Must open account and all contributions must be made by tax filing deadline (usually April 15) | Must open account and all contributions must be made by tax filing deadline (usually April 15) | Must open account and all contributions must be made by tax filing deadline (usually April 15) | SEP-IRA Plan must be established by tax filing deadline. Contributions must be made by tax filing deadline plus extensions |
| Contribution Information: | Individuals: 100% of earned income up to $3,000 Working married couples: 100% of earned income up to $6,000 Married couples: 1 spouse not working up to $6,000 combined Individuals 50 years and older may also make a $500 catch-up contribution |
Individuals: 100% of earned income up to $3,000 Working married couples: 100% of earned income up to $6,000 Married couples: 1 spouse not working up to $6,000 combined Individuals 50 years and older may also make a $500 catch-up contribution Modified adjusted gross income limitations apply |
$2,000 per beneficiary Modified adjusted gross income limitations apply |
Employee contribution is based upon an adjustment of net income and can be as high as 25% of the salary or $41,000 per year |
| Benefits: | Variable and fixed rates options allow for flexibility in interest earnings Contributions may be tax deferred and earnings are tax deferred until withdrawn** |
No taxes on the interest earned on the account Variable and fixed rates offered |
Allows parents and children to plan ahead for costly higher education expenses Tax-free method of paying for education expenses |
Contribution limits are much higher than for individual accounts |
| Current Rate/APY: |
* IMPORTANT NOTICE: Federal regulations may require substantial penalty for early withdrawal
of funds for a time deposit. ** NOTE: You should consult your Tax Advisor regarding the tax
benefits of contributing to an Individual retirement Account.
Please Note: This information is accurate as of April 2009. Central Valley Community Bank
reserves the right to make changes at any time as a result of a change of policy, law, and
regulation or otherwise.
Learn about other Central Valley Community Bank accounts
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FDIC Coverage Find out about options to protect your money Learn More |
Savings Learn about our Personal Savings accounts Learn More |
