Other Accounts

IRAs

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Individual Retirement Accounts (IRAs)

An Oklahoma Fidelity Bank IRA makes planning for retirement simple, by providing the right account to meet your needs.

Traditional IRA

Contributions up to $5,500 or 100% of earned income, whichever is less, to a Traditional IRA are generally tax deductible and grow tax-deferred. Along with an additional $1000 if over the age of 50.

A traditional IRA allows you to contribute until you turn 70 1/2 if your income is earned compensation. You are eligible even if you already participate in a government plan, tax-sheltered annuity, simplified employee pension plan or qualified retirement plan (pension or profit sharing) established by an employer under such provisions as IRA 401(a), IRA 403(b), or IRA 7701(j), subject to Adjusted Gross Income limits described below. For current tax year limits, please contact your tax advisor or local tax office.

ROTH IRA

A Roth IRA allows more flexibility in saving for retirement than a Traditional IRA. The contributions you make to a Roth IRA are not tax deductible, but withdrawals can be tax-free if you wait at least five years after establishing the IRA to begin making withdrawals and you are at least 59 1/2, or if you use the funds for the purchase of a first home, become disabled or die.

You may contribute up to $5,500 per year or 100% of earned income, whichever is less. Any contribution made to a Traditional IRA reduces the amount dollar-for-dollar that can be contributed to a Roth IRA during the same year.

Modified Adjusted Gross Income (MAGI) 2013

  • $188,000 - Filing jointly
  • $127,000 - Single, head of household, or married filing separately and you did not live with your spouse at anytime during the year
  • $10,000 - Married filing separately and you lived with your spouse at any time during the year.

For Current Rates click here.

Compensation is the salary or wages you receive as an employee. If you are self-employed, compensation is generally net earnings (for personal services producing income) reduced by your deduction for retirement contributions on your behalf and the deduction allowed for one-half of your self employment taxes. Taxable alimony is considered compensation, but passive income, such as interest, dividends, and rental income is not.

Consult with a tax professional for guidance regarding tax implications.

 
 

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