IRA

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Traditional IRA’s

• The individual must be under the age of 70½.
• The individual must have earned compensation.
• Contributions are limited to $5500.00 for tax year 2013, or any amount up to 100 percent of your compensation, whichever is less.
• Age 50 and over may have additional catch-up contributions limited to $1000.00.
• You have until April 15, 2013 to open and fund a Traditional IRA for the 2012 tax year, contribution limit of $5000.00.
• Earnings on your contribution are tax deferred until you make withdrawals.
• Required minimum distributions occur when IRA owner reaches 70½.
• Contribution types include regular, spousal, rollovers, and transfers.
• Contributions may be tax deductible.
• Ability to deposit to your current IRA anytime during the lifetime of the IRA.

Roth IRA’s

• The Roth IRA contribution is never tax-deductible.
• Earnings are tax-free if held for 5 years and you have a qualified reason or taken after age 59 ½.
• Distributions taken before age 59½ can also be tax-free if taken for a qualified reason.
  Reasons include:
  1. Death of owner
  2. Owner becoming disabled.
  3. Owner using the distribution for a first-time home purchase. The first-time home purchase has a lifetime maximum distribution of $10,000.00.
• You pay taxes and early withdrawal penalties on distributions in excess of original contributions.
• No minimum distributions are required at age 70½.
• Contributions can be continued past age 70½ provided you are still earning an income.
• Ability to deposit to your current IRA anytime during the lifetime of the IRA.

 **Rates for the week of May 24, 2013 through May 30, 2013**

For additional information or questions please call Lona Recchiuti at (740)922-2532 or email contactus@fnbdennison.com

*Annual Percentage Yield 

IMPORTANT INFORMATION ABOUT PROCEDURES
FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

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