Pay Taxes Now; Withdraw Tax-Free After Retirement
A Roth IRA is a unique way to fund your retirement, because you pay taxes on your contributions, but the money grows tax-free. There are no additional taxes to pay when you withdraw funds during retirement. You can contribute to a Roth IRA if you earn taxable income and meet certain other conditions:
- Your modified adjusted gross income is $167,000 if married, filing jointly
- Your modified adjusted gross income is less than $105,000 if single, head of household or married, filing separately
- Your modified adjusted gross income is less than 10,000, you are married filing separately and you lived with your spouse during the tax year
You can withdraw any funds you contribute for any reason, without paying a penalty. (You can be penalized for any early withdrawals on earnings.)
Open a Roth IRA
To open your IRA, contact us or visit one of our First International Bank & Trust locations.