Earn higher dividends than a savings account with an IRA Share Certificate.
Take advantage of tax benefits available with an Individual Retirement Account (IRA)*. You can add money on a regular basis, with terms from 3 to 60 months.
Your options include:
- Traditional IRA
- Roth IRA
OneAZ Wealth Management
For more investment opportunities, contact our Wealth Management team.
IRA Quick Facts
Account descriptions
Traditional IRA
Your earnings grow tax-deferred and, if eligible, your contributions may be tax-deductible as well.
You can also roll over your 401(k) or employer-sponsored qualified retirement plan to consolidate your retirement assets.
Roth IRA
You make after-tax contributions but the money you withdraw after retirement may be free from federal taxes.
Eligibility to contribute
Traditional IRA
You can contribute up to the year you turn 72 as long as you have earned income.
Roth IRA
You can contribute at any age as long as you have earned income and meet the income limitations.
Maximum annual contribution
Traditional IRA
$6,000 ($7,000 age 50 and older) for 2020 & 2021.
Roth IRA
$6,000 ($7,000 age 50 and older) for 2020 & 2021.
Tax-deductible contributions
Traditional IRA
You can deduct your contributions if you meet the eligibility requirements.
Roth IRA
Contributions are made in after-tax dollars and are not tax-deductible.
Taxation of earnings and withdrawals
Traditional IRA
Tax deductible contributions and earnings are taxed as ordinary income when withdrawn.
After tax contributions are withdrawn tax-free.
Roth IRA
Contributions (all are made after tax) are always income tax free. Earnings may be income tax free if the account is held for 5 years and are withdrawn for a qualified reason.
Withdrawal of earnings for nonqualified reasons may be taxed as ordinary income and subject to an early withdrawal penalty.
Withdrawal penalties
Traditional IRA
10% IRS early withdrawal penalty if withdrawn before age 59 1/2 unless exception applies.
Roth IRA
No penalties for withdrawals of contributions.
10% IRS early withdrawal penalty if earnings withdrawn before age 59 1/2 unless exception applies.
Required withdrawals
Traditional IRA
Must begin at age 72.
Roth IRA
Upon death of owner
Start Saving for a more secure future.
*Consult your tax advisor.
Earn higher dividends than a savings account with an IRA Share Certificate.
Take advantage of tax benefits available with an Individual Retirement Account (IRA)*. You can add money on a regular basis, with terms from 3 to 60 months.
Earn higher dividends than a savings account with an IRA Share Certificate.
Take advantage of tax benefits available with an Individual Retirement Account (IRA)*. You can add money on a regular basis, with terms from 3 to 60 months.
