IRA

Starting in 2010, anyone who has a Tradition IRA account can convert to a Roth IRA, regardless of income or tax-filing status.    Choose fixed or variable rates—there’s no risk either way and the income earned accumulates tax free.

For further information call Virginia at 218-748-2609 Hoyt Lakes 218- 471-2121 or Biwabik  218-865-6143

2013 IRA Eligibility

The traditional IRA may be fully tax deductible depending on your income and filing status.  

• Invest up to $5,500 a year with a catch up contribution of $1,000 after age 50.
• Accumulate income tax deferred.
• Withdraw funds IRS penalty free to help finance a higher education or your first home.
• Choose fixed or variable rate options.

Rates, Calculators
 

• Invest up to $5,500 a year with a catch up contribution of $1,000 after age 50 (not tax deductible).
• Withdraw contributions tax-free any time. Withdraw interest earned IRS penalty-free after five years to buy a first home, or for any purpose after age 59½.
• Contributions from earned income can be made after age 70½.
• Unlike traditional IRAs, distributions are not required at age 70½.
• Transfer funds from existing IRAs to a new Conversion Roth IRA (subject to taxation).