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IRAs

Enjoy tax-deferred, dividend income and the ability to save for your family's future with our federally insured Individual Retirement Accounts. To learn about uninsured IRA options, visit our Investments and Insurance site at columbiawealthmanagement.org.

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Account Type Min. Bal. Terms Access IRA Rates
Passbook Savings $5 NA Add funds at any time Tiered Rate Chart
Certificate $500 3 mo. - 5 yrs. 10-day grace period at certificate maturity to add or remove funds Tiered Rate Chart

Program Description Who Can Contribute?1 2013
Contribution
Limits2
Traditional IRA Tax-deferred retirement savings contributions with possible tax deductions. Deductions may be limited if you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain levels. Visit the IRS website to learn more about 2012 and 2013 Traditional IRA deductibility limits. Individuals younger than 70½ years with earned income.
49 or younger: $5,500
50 to 70½: $6,500
Roth IRA Non-deductible retirement savings contributions that feature tax-free withdrawals on your earnings after five years and when you reach 59 ½ years or a qualifying event. Visit the IRS website to learn more about 2012 and 2013 Roth IRA contribution limits. Individuals, any age with earned income. The same general contribution limit applies to both Roth and Traditional IRAs. However, your Roth IRA contribution might be limited based on your filing status and income.
For 2013, if your filing status is... And your modified AGI is... Then you can
contribute...
married filing jointly or qualifying widow(er) less than $178,000 up to the limit
greater than $178,000 but less than $188,000 a reduced amount
greater than $188,000 zero
married filing separately and you lived with your spouse at any time during the year less than $10,000 a reduced amount
greater than $10,000 zero
single, head of household,or married filing separately and you did not live with your spouse at any time during the year less than $112,000 up to the limit

greater than $112,000 but less than $127,000

a reduced amount
greater than $127,000 zero
49 or younger: $5,500
50 to 70½: $6,500
Coverdell
Education IRA
A tax-deferred investment account created for paying education expenses on behalf of a beneficiary (up to the age of 18).

Anyone can contribute. Individuals must earn less than $95,000 if filing single, and joint taxpayers must earn less than $190,000 to make a contribution.

The phase out range for married couples filing a joint return is $150,000-$160,000 (partial contribution only). The phase out range for singles is $95,000-$110,000 (partial contribution only).

$500 per year per beneficiary

 


1For Roth and Coverdell Education IRAs a contribution phase-out period applies to contributors whose income falls within the phase-out range.
2Or 100% of earned income, whichever is less. Other restrictions apply.

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