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Business IRA
Traditional IRA - The traditional IRA is an account that allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, certain contributions are tax deductible in the tax year for which they are made.
Roth IRA - The Roth IRA allows only nondeductible contributions and 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, if you expect to be in a higher tax bracket when you retire you may benefit more from a Roth IRA than from a traditional IRA. |
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2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 and beyond |
| Contribution Limit |
$3,000.00 |
$3,000.00 |
$3,000.00 |
$4,000.00 |
$4,000.00 |
$4,000.00 |
$5,000.00 |
$5,000.00 + COLA* |
| Catch-Up Contribution^ Limit |
$500.00 |
$500.00 |
$500.00 |
$500.00 |
$1,000.00 |
$1,000.00 |
$1,000.00 |
$1,000.00 |
| Contribution Limit for Age 50 and Over |
$3,500.00 |
$3,500.00 |
$3,500.00 |
$4,500.00 |
$5,000.00 |
$5,000.00 |
$6,000.00 |
$6,000.00 + COLA* |
CONTRIBUTION LIMITS (more...) |
- Please contact your tax advisor when determining which account is best for you. We are unable to give any tax advice.
- There are substantial penalties for early withdrawal, for more information contact Kim Klein at 217-678-2311.
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Personal IRA
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12 Month IRA Certificate |
18 Month IRA Certificate |
30 Month IRA Certificate |
| Account Specifics |
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| Minimum Deposit |
$1,000.00 |
$1,000.00 |
$1,000.00 |
| Fixed or Variable Rate |
Fixed Rate
See Current Rates |
Fixed Rate
See Current Rates |
Fixed Rate
See Current Rates |
| Special Features |
More Information |
More Information |
More Information |
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