FDIC-Insured - Backed by the full faith and credit of the U.S. Government
Roth IRA
A Roth IRA can be a powerful way to save for retirement since potential earnings grow tax-free*. Additionally, you don't have to pay taxes when you make qualified withdrawals.
- No age limits to contribute
- Income Limits
Amount you can contribute:
- Cannot exceed amount of yearly income; household income if married and filing jointly
- Cannot exceed IRS limits
- Can be reduced or eliminated based on your modified adjusted gross income - Can minors or nonworking spouses contribute?
Cornhusker bank does not offer youth IRAs. Nonworking spouses can contribute subject to household income restrictions. - Are there contribution limits?
- If you are under 50 you can contribute up to $6,500
- If you are over 50, you can contribute $7,500 - Can you claim contributions as a tax deduction?*
No. Tax credits available under certain circumstances.* - Are taxes paid on withdrawals?
You will not pay taxes on withdrawals after the age of 59 ½ and you’ve met the 5 year holding period. - Is there a penalty on withdrawals taken before you turn 59½?
No bank penalties on withdrawals on contributions, but there is a 10% federal tax on withdrawal of earnings. There is a 10% penalty tax on all withdrawals before the age of 59 ½ and before the 5 year holding period is met. Exemptions available for specific situations and uses. - No required minimum distributions
*Consult a tax advisor for specific details and requirements.
Stay Connected With Us