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- Funds may be withdrawn for higher education or first time home buying (up to $10,000.00)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
*Federal and State income tax filing has been extended to May 17, 2021. The last day to make a 2020 contribution to an IRA has been extended to May 17, 2021.
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- Funds may be withdrawn for higher education or first time home buying (up to $10,000.00)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.
