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IRA Accounts
Safe and Secure Way to Save for the Future!
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Traditional
IRA |
Roth
IRA |
Coverdell Education
Savings Account |
| Customized For |
Anyone wanting to save money for retirement. |
Anyone wanting to invest in a tax-preferred savings to accumulate assets for retirement purposes or for other purposes. |
Anyone wanting to invest in a tax preferred savings to save for future education expenses |
| Eligibility |
- Under the age of 70 ½
- Earned income
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- Earned Income
- No age limit
- Income limitations
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- Beneficiary must be 18 or younger
- Anyone can contribute funds to the CESA
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| Contribution Limit |
The lessor of:
- 100% of income
or
- annual limit
a) b) 50yrs of age or above= $6000
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The lessor of:
- 100% of income
or
- annual limit
a) b) 50yrs of age or above= $6000
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- $2000 per year per beneficiary
- Age Limit-Up to 18yr old
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| Tax Benefit |
If your contribution is tax deductible, then you receive an immediate tax savings because you pay fewer taxes because of the deductions. The earnings generated by the IRA funds are not taxed until distributed. If your contribution is not tax deductible, you still receive the benefit of tax deferred earnings. You may also qualify for a new tax credit. |
The contributions you make to your ROTH are after tax dollars. The earnings realized by the ROTH are not presently taxed and may never be taxed. In some cases, you may be eligible to claim a tax credit because of your ROTH contribution. |
The income earned by or within this Savings Account will not be taxable when distributed if withdrawn to pay qualified education expenses. |
| Distributions |
You may begin withdrawals at any time. However you may want to understand the income tax consequences of taking distributions at certain times.
You are required to make a withdrawal or a minimum amount by April 1st of the year following the calendar year in which you reach 70 ½ and by each December 31st thereafter. |
You may begin withdrawals at any time. However you may want to understand the income tax consequences of taking distributions at certain times. |
The designated beneficiary may begin withdrawals at anytime. However, if the funds are not used for educational expenses or the distribution exceeds the amount of qualified expenses, it will be partially taxed. All funds must be withdrawn or transferred to another eligible beneficiary by age 30. |
*Simple and SEP IRA’s available, please contact an FCB New Accounts representative for details
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE
COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.
The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
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