| Minimum to Open |
$20.00 |
$20.00 |
$20.00 |
| Interest Paid |
Yes, Tiered |
Yes, Tiered |
Yes, Tiered |
| Eligibility Requirements |
- Earned Income
- Must be younger than 70 1/2 all year
|
- Earned Income
- Can be any age
|
- Beneficiary must be under the age of 18
|
| Contribution Limits |
Ask an Account Representative for Annual Contribution Limits. |
Ask an Account Representative for Annual Contribution Limits. |
Ask an Account Representative for Annual Contribution Limits. |
| Tax-Deductible |
Yes, Contributions are Deductible depending on:
- Income
- Filing Status
- Covered by Retirement Plan at Work
- Receiving Social Security Benefits
|
Contributions are not deductible
|
Contributions are not deductible
|
| Required Distributions |
You must begin distributions by age 70 1/2 beginning April 1st of that following year.
|
No, if you are the original owner, you do not have to take distributions regardless of your age.
|
All assets must be withdrawn within 30 days from when the individual reaches age 30 unless the individual is deemed a "special needs" beneficiary.
|
|
Tax on Distributions
|
Taxed as ordinary income, except if a non-deductible contribution is made, then not all distribution is taxable.
|
Not taxed as long as specific criteria are met.***
|
Not taxed as long as specific criteria are met.***
|
|
Withdrawal Rules
|
- Penalty-free withdrawals begin at age 59 1/2
- Distributions required starting at age 70 1/2
- Beneficiaries pay taxes on inherited IRAs
|
- Contributions can be withdrawn penalty and tax-free after five (5) years and age 59 1/2
- No withdrawals are required during the account holder's lifetime
|
- Withdrawals are tax-free if they are not more than the beneficiary's adjusted qualified education expenses for the year.
|
|
Earnings
|
Earnings grow tax-deferred
|
Earnings grow tax-free
|
Earnings grow tax-free
|
|
Additional Information
|
- No Monthly Account Service Fee
- Penalties for Early Withdrawal May Apply
- Fees May Reduce Earnings on the Account
|
- No Monthly Account Service Fee
- Penalties for Early Withdrawal May Apply
- Fees May Reduce Earnings on the Account
|
- No Monthly Account Service Fee
- Penalties for Early Withdrawal May Apply
- Fees May Reduce Earnings on the Account
|
