Individual Retirement Accounts
CommunityOne offers the following types of IRAs: Traditional:
A Traditional IRA is a retirement savings plan for anyone who has taxable compensation and who was not age 70-½ by the end of the year. Income contributed to a Traditional IRA may not be subject to federal income taxes, and interest earned on Traditional IRA contributions is not subject to federal income taxes until the funds are withdrawn.
A Roth IRA is a savings plan for anyone who has taxable compensation and whose adjusted gross income is within certain guidelines. The funds contributed are taxable as income in the year they were earned. This non-deductible account features tax-free withdrawals for certain distributions after a five-year holding period.
The Coverdell Education Savings Account is a savings plan designed to assist with higher education expenses. This non-deductible account is only for educational expenses, and contributions are made with after-tax dollars.
today to learn more about IRAs and to discover the best fit for your retirement savings goals.