An Individual Retirement Account can provide a strong foundation to help you build toward your financial future. Let The Bank of Mauston help you with your IRA rollovers and transfers, too!
|Traditional IRA||Roth IRA|
|Eligibility Requirements||Minimum AgeMaximum AgeIncome||No IRS minimum age restrictionYear prior to turning 70 ½ years of ageYou or your spouse must have earned income||No IRS minimum age restrictionNo maximum age restrictionYou or your spouse must have earned income|
|Contributions||DeductibilityMaximum ContributionDeadline||May receive tax deduction$5,000 plus an addition $1,000 if 50 years of age or older by end of calendar yearTax filing deadline, no extensions||No tax deduction$5,000 plus an addition $1,000 if 50 years of age or older by end of calendar yearTax filing deadline, no extensions|
|Distributions||Before 59 ½Annual Mandatory Required Minimum Distribution(RMD)QualifiedNonqualified||10% early distribution penalty unless exception applies. Taxed as ordinary income.RMD mandatory beginning April 1st following the year in which you become 70 ½ years of age. Taxed as ordinary income.Taxed as ordinary income, no penalty applies10% early distribution penalty unless exception applies. Taxed as ordinary income.||10% early distribution penalty generally applies to nonqualified distributions of earnings unless exception appliesNo RMDTax-free distribution for certain situations after a 5-year mandatory waiting periodEarnings are taxes and generally subject to a 10% penalty unless exception applies|
Annual Percentage Yields & Rates Effective March 7, 2014 to March 13, 2014.
|CD Term||APY||Interest Rate|
|3 Months (interest added quarterly)||.10%||.10%|
Annual Percentage Yield (APY) is calculated assuming that interest is added to the account semi-annually unless otherwise stated. Penalty for early withdrawal may apply.
18 Month Variable IRA Certificates of Deposit
Annual Percentage Yields & Rates Effective January 1, 2014 to March 31,2014
Rate may change after account is opened. Penalty for early withdrawal may apply. Annual Percentage Yield (APY) is calculated assuming that interest is added to the account quarterly.
For more information, please contact one of our new account customer service representatives at (608) 847-6200 or at one of our convenient branch locations.