Roth IRAs

Pay Taxes Now; Withdraw Tax-Free After Retirement

A Roth IRA is a unique way to fund your retirement, because you pay taxes on your contributions, but the money grows tax-free. There are no additional taxes to pay when you withdraw funds during retirement. You can contribute to a Roth IRA if you earn taxable income and meet certain other conditions:

  • Your modified adjusted gross income is $167,000 if married, filing jointly
  • Your modified adjusted gross income is less than $105,000 if single, head of household or married, filing separately
  • Your modified adjusted gross income is less than 10,000, you are married filing separately and you lived with your spouse during the tax year

Penalty-Free Withdrawals
You can withdraw any funds you contribute for any reason, without paying a penalty. (You can be penalized for any early withdrawals on earnings.)

Open a Roth IRA
To open your IRA, contact us or visit one of our First International Bank & Trust locations.


Truth in Savings Disclosure