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Roth IRA



Age Eligibility
 No age limit
Income Eligibility
 Your contribution to a Traditional IRA is fully tax deductible if:

Full contributions are allowed for individuals with modified adjust gross income(MAGI) of up to $95,000 for single and $150,000 if married filing jointly.
Partial contributions allowed for MAGI between $95,000 - $110,000 if single, and between $150,000 - $160,000 for married filing jointly.
Participation in an employer retirement plan does not affect eligibility.
Spousal IRA Eligibility
 May be opened for a non-working spouse
Annual contribution
 Maximum of 100% of earned income or $5,000 per individual (whichever is less), less any Traditional IRA contributions.
Non-working spouses may contribute up to $4,000 to a Spousal IRA.
An additional $500 increments, catch- up amounts (not exceeded $1,000) may be contributed for individual who are at least 50 years old in the year of contribution.
Contributions phase out above $95,000 MAGI for single taxpayers and above $150,000 MAGI for married taxpayers filing jointly.

Taxable distribution
 Earnings distributed are not taxable if qualified (in the account for five rax years and the recipient is over age 59 1/2, death, disability, or first-time homebuyer).

$10,000 lifetime limit for first-time homebuyer.
Contributions may be taken tax exempt at any time.
Required distribution
 During your lifetime, you are not required to take any funds out of your Roth IRA, but distribution rules will apply to your beneficiaries after your death.
Tax deductions
 Contributions are not tax deductible.
Benefits
 You can benefit if:

You do not qualify to make a deductible contribution to a Traditional IRA.
You expect to be in the same or higher tax bracket at retirement as during working years.
You want to take distributions from an IRA, but have a long time to go until age 59 1/2.
You prefer to have tax-exempt funds available at retirement.
You may be eligible to contribute after age 70 1/2.





** All Fees are automatically deducted from the account and appear on the account statement. Federal Reserve Board Regulation D and Regulation DD limitations apply (please see under the Deposit Agreement and Disclosure and Fee Schedules)



***Pacific International Bank charge no annual IRA custodial or maintenance fees, however, fees and expenses are subject to change. Please note that other fees and expenses may apply, including early withdrawal penalties or withdrawals from IRAs before age 591/2 may be subject to federal tax penalty.



***Pacific International Bank is either tax or legal advisors. It is suggested that you consult your personal tax or legal advisor before making tax or legal related decisions.***

  
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