Roth IRA Accounts
The contributions to a Roth IRA account are non-deductible funds.
Roth Requirements:
| Contribution Limits | 2022/2023 |
|---|---|
| under age 50 | $6,000/$6,500 |
| age 50 or older | $7,000/$7,500 |
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.
Account Details:
Fixed: Fixed interest rate accounts are available where a lump-sum amount is deposited at the time of opening. Minimum deposit amount is $500.
Statement: Each account holder is provided with an annual statement.
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.