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Home > Invest > Certificate & IRA > Roth and Education IRAs

Roth and Education IRAs

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Roth IRA

A Roth IRA allows you to set aside a specified dollar amount of income after taxes - this gives you a way to grow your money tax-free instead of getting a tax deduction.

  • Contributions are taxed
  • No service fees
  • Earnings are tax deferred and distributions are tax-free assuming specific requirements are met
  • You must have an account for at least 5 years and be age 591/2 or older to make tax-free withdrawals
  • Annual maximum amount varies*

Education IRA

Also known as the Coverdell Education Savings Account, an Education IRA is a great way to save for your higher education needs.  Funds must be used for qualified education expenses.

  • No service fees
  • An adult can make non-deductible contributions for a child under age 18
  • Earnings are tax deferred and and distributions are tax-free assuming specific requirements are met
  • Funds have to go towards post-secondary education expenses such as tuition, room and board, books and computers
  • Contributor limitations exist*

*Please consult a a tax professional for more information or restrictions.

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