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Individual Retirement Account

Prepare for retirement and gain tax advantages while saving with Itasca Bank & Trust Co. The following types of IRAs are available to fit your needs and investment objectives:

Traditional IRA

  • Contributions (in most cases) are tax deductible, which saves money on income taxes paid each year
  • Builds income for retirement
  • Defers taxes
  • FDIC insured - so your money is secure*
  • Funds may be withdrawn for higher education or first time home buying (up to $10,000.00)
  • Earns interest
  • Flexible methods of contribution and distribution
  • Quarterly reporting to account holders

For 2020 & 2021 Contributions:

  • Standard Contribution: $6,000.00
  • Catch-Up Contribution (Age 50 ): $1,000.00

Roth IRA

  • Contributions are not tax deductible, but qualified distributions are tax-free after a 5-year holding period
  • No mandatory distributions required at the age of 70 1/2 or older
  • Funds may be withdrawn for higher education or first time home buying (up to $10,000.00)
  • FDIC insured - so your money is secure*
  • Earns interest
  • Flexible methods of contribution and distribution
  • Quarterly reporting to account holders

For more information about any of these products contact our Customer Service Department.

When sending an email to anyone at Itasca Bank & Trust Co., please do not include passwords, account numbers, or any other confidential financial or personal information.

*Each depositor insured to at least $250,000.

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