• Traditional
• Educational
• SEP
• Roth
• Simple

Today, it is very important to save for those retirement years. At Tippins Bank, we make that very easy with our Individual Retirement Account tailored to your needs. If you have any questions about our IRA’s or the procedures to have your funds transferred to us, just call or come in and ask for Wanda Alexander. She is our Vice President of Operations Department and our IRA specialist. She should have all the answers your looking for.

Here is just a brief description of some of our IRA’s…….

Traditional IRAs If deferring taxes on part of your income is your best tax strategy, consider a Traditional IRA. Taxes are not paid on the money invested or earned until withdrawal. Maximum annual contribution of $2,000.00 or 100% of an individual's earned income, whichever is less; a  total contribution of $4,000.00 may be made if married and filing jointly Fixed-rate cds - fdic insured no irs penalty for withdrawal at age 59 1/2 and over 10% irs penalty for early withdrawal cd penalty for early cashing

Roth IRAs Consumers can now enjoy the benefits of a Roth IRA. The Roth IRA is non-deductible IRA that allows for tax-deferred earnings and potentially income tax-free distributions if distributions are qualified. INCOME TAX-FREE DISTRIBUTIONS IF USED FOR A QUALIFIED PURPOSE QUALIFIED DISTRIBUTION REASONS ARE 1st TIME HOME PURCHASES (UP TO $10,000.00 LIFETIME), AGE 59 1/2 OR OLDER, DEATH, AND DISABILITY.  THE DISTRIBUTIONS MUST ALSO MEET A FIVE YEAR HOLDING PERIOD REQUIREMENT. ELIGIBLE INDIVIDUALS ARE ALLOWED TO CONTRIBUTE $2,000.00 MAXIMUM CONTRIBUTION BETWEEN BOTH THE ROTH AND TRADITIONAL IRA NO REQUIRED DISTRIBUTION AT AGE 70 1/2

Please consult with your tax advisor about any IRA transactions. If we can help you with an IRA account please give us a call at (912) 739-1621.