HSA & IRA

Health Savings Account (HSA)

A HSA is an account designed to help you save specifically for health care costs.

Account Requirements

Must have a qualifying HDHP (High Deductible Health Plan) to open
Not be enrolled in Medicare
No other medical coverage
Not claimed as a dependent on someone else’s tax return

Please consult your tax advisor for advice.

Are my expenses qualified?

Learn More

Beneficiary Info to Bring

Their Full Name
Their Address
Their Birth Date
Their Social Security Number
Their Relationship to Owner

Frequently Asked Questions for HSAs

It helps you specifically save for health care costs, you control what health expenses the funds are used for, and the money in the account rolls over from year to year.

The tax filing date.

Their name, address, birth date, social security number, and relationship to owner.

Individual Retirement Accounts (IRA)

Beneficiary Info to Bring

View List

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.

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Defers taxes on earnings until withdrawn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

Non-deductible contributions
Certain distributions are tax free after a 5 year holding period.
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.