Individual Retirement Accounts
Individual Retirement Accounts (IRA) create value for you to save for your retirement years
Please call one of our convenient branch offices at Citizens Community Bank for more information on Individual Retirement Accounts.
- Must have earned income and not reach age 70½ by end of year
- Annual IRA contributions: $5,500 in the 2017 tax year
- Contribution may be tax deductible. See your tax advisor.
- Investments grow on a tax-deferred basis
- Earnings are taxed only upon withdrawal
- Contribute to a Roth IRA even after age 70 ½, with earned income
- Contributions will not be tax deductible, but the contributions and earnings can be withdrawn tax-free. Contributions and earnings must have been on deposit in Roth IRA for a 5 year period
- Same contribution limits as Traditional IRA listed above.
- No required minimum distributions after reaching age 70 ½.
- Convert your traditional IRA to a Roth IRA, to take withdrawals tax-free, but is subject to income tax now.
- You may be eligible for additional contributions depending on your age and the type of IRA you have. Consult your tax advisor for further details.