Start Saving Smarter for Retirement
An Individual Retirement Account (IRA) can help you grow your savings with valuable tax advantages. Whether you’re just getting started or looking to maximize your contributions, we offer options designed to fit your long-term goals.
Personal bankers will need to know what year contributions are for, the amount, and what type of IRA you would like to open.
Please consult your tax advisor for advice.
Beneficiary Information to Bring
- Their Full Name
- Their Address
- Their Birth Date
- Their Social Security Number
- Their Relationship to Owner
Traditional IRAs
- Defers taxes on earnings until withdrawn
- Certain contributions are tax deductible for the tax year for which they are made
- Required minimum distributions begin at age 73
Roth IRAs
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Non-deductible contributions
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Certain distributions are tax free after a 5 year holding period.
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No required minimum distributions
Important Notice for IRAs
A Change to Taxation of Retirement Income in the State of Iowa
Effective January 1, 2023, Iowa taxpayers will catch a break on the state taxes paid on “retirement” income. The new law exempts Iowa taxation on all “retirement income” for those who are disabled or 55+ years old. It also exempts retirement income received by surviving spouses. Retirement income includes, but not limited to:
- 401(k), 403(b), and Individual 401(k) Plan Distributions
- IRA Distributions
- Deferred Compensation Plans
- Pensions (Government & Private)
Client Note: For those of you that currently request withholding Iowa taxes from your IRA distributions, you will want to work with your accountant to determine if you will want to continue withholding. If you choose to change or discontinue state withholding from your IRA distribution in 2023 and beyond, please contact us as soon as possible at 800-423-1602.