The contributions to a Roth IRA account are non-deductible funds.
| Contribution Limits | 2012 | 2013 |
|---|---|---|
| under age 50 | $5,000 | $5,500 |
| age 50 or older | $6,000 | $6,500 |
Roth IRA contributions are not tax deductible, but the tax benefits are derived when withdrawing the funds tax-free. If the funds are distributed in a "qualified distribution," they are tax-free; therefore, the earnings on the Roth IRA are generally tax-free.
Variable: Variable interest rate accounts are available where multiple deposits may be made throughout the year until the goal is met. Minimum deposit is $25.
Fixed: Fixed interest rate accounts are available where a lump-sum amount is deposited at the time of opening. Minimum deposit amount is $500.
Statements: Each account holder is provided with annual and periodic interest statements.
Fees: We do not charge any service charges or administrative fees.
Auto Transfer: We offer automatic transfers from another deposit account at The First into your IRA account free of charge.
FDIC Insurance up to $250,000 for each individual's total retirement plan.
For current IRA Rates, please click here
For information about Traditional IRA accounts, please click here.
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