IRAs

By using a Traditional IRA to save for your future, you may be able to save money today if

• you are eligible to deduct Traditional IRA contributions on you federal income tax return or,
• you qualify for a tax credit of up to $1,000.

But first you must be eligible to contribute to a Traditional IRA

• You ( or your spouse if filing a joint tax return) must earn compensation from employment.
• Starting with the 2020 tax year, you may make a contribution at any age.

Before 2020, you could not make contributions to a Traditional IRA beginning with the year you turned 70½. But effective for 2020 and later taxable years, you can make Traditional IRA contributions at any age if you (or your spouse if married, filing a joint tax return) have eligible compensation. For IRA purposes, eligible compensation generally is defined as what you earn from working and includes wages, salary, tips, commissions, bonuses, and self-employment income, but not investment or pension income. Traditional IRA eligibility is not affected by whether you are covered by an employer-sponsored retirement plan.

Need more information on IRAs?
Call 717-272-2210 or 800-489-5328

See Contribution limits and learn more about Traditional IRAs

PLEASE NOTE: PLEASE CONSULT A TAX ADVISOR TO DETERMINE IF THIS OPTION IS FOR YOU.

By saving now for retirement with a Roth IRA, you can look forward to

• tax-free distributions,
• not being required to take money out and
• a possible tax credit of up to $1,000

But first you must be eligible for a Roth IRA.

• You (or your spouse if filing a joint tax return) must earn compensation from employment.
• Your earned compensation (or you and your spouse’s combined compensation if filing a joint tax return) must be less than or within the applicable IRA limits

See Contribution limits and learn more about Roth IRAs

PLEASE NOTE: PLEASE CONSULT A TAX ADVISOR TO DETERMINE IF THIS OPTION IS FOR YOU.

The Coverdell ESA’s sole purpose is to allow parents, grandparents, and other interested persons to set up to $2,000 aside each year to help pay the higher-education expenses of the child named on the account. The account is set up and reported under the child’s Social Security number. Earnings accumulate tax-free and withdrawals are tax-free if used for vocational, undergraduate, or graduate education expenses by the time the person is 30 years of age.

This ESA allows up to $2000 in nondeductible contributions for a child under the age of 18. Therefore, if both parents choose to contribute to a Coverdell ESA, the total of their contributions cannot exceed $2000. If the funds in the Coverdell ESA are not used by the child, the Coverdell ESA may be rolled-over to another child’s Coverdell ESA within the same family.

Open a Coverdell ESA Today!

PLEASE NOTE: PLEASE CONSULT A TAX ADVISOR TO DETERMINE IF THIS OPTION IS FOR YOU.

Consider this no hassle plan for small businesses-easy, low-cost ways to save for retirement

A simplified employee pension (SEP) plan is an employer-funded retirement plan that allows employers or self-employed individuals the option to make contributions into their own and each eligible employee’s Traditional IRA.

Learn more about SEPs

PLEASE NOTE: PLEASE CONSULT A TAX ADVISOR TO DETERMINE IF THIS OPTION IS FOR YOU.