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IRA Contributions

The clock is ticking for IRA contributions

Are you planning to make an IRA contribution? You have until April 18, 2011, to open and contribute to an IRA for the 2010 tax year.

Contribution limits for 2010 and 2011 are $5,000 or earned income, whichever is less. Taxpayers age 50 and older can contribute an additional $1,000. In general, you must have earned income to open an IRA, but non-income-earning spouses of income earners can open their own IRAs.

Traditional vs. Roth

An IRA at CornerBank allows you to build savings in a tax-advantaged account. If you leave your money untouched, your earnings will grow faster than they would in an equivalent taxable account.

  • A traditional IRA allows you to defer taxes on the account earnings. In addition, you may be able to deduct at least part of the contribution from your taxes if you are eligible. Taxes will be due when you begin taking withdrawals at retirement.* Tax-wise tip: A traditional IRA may help reduce your current tax bill (which is good if you believe you may be in a lower tax bracket when you retire).
  • A Roth IRA offers tax-free growth when you hold it for at least five years and begin taking distributions after age 59 1/2. You may be able to withdraw your investment (but not the earnings) at any time and for any reason, without penalty.** Tax-wise tip: A Roth IRA may help reduce your tax bill in the future (which is good if you believe you may be in a higher tax bracket in retirement).

Get Started Today

The sooner you make your investment, the longer that tax-advantaged compounding can work for you. If you have questions about opening a traditional or Roth IRA, contact a PrimeVest Investment Representative at CornerBank at your local branch or visit www.cornerbank.com/personal/trustandinvestments_ira.asp.

*Taxes are due upon withdrawal at ordinary income tax rates. Withdrawals prior to age 59 1/2 may be subject to
a 10% tax penalty. Deductibility depends on whether you or your spouse participates in an employer-sponsored
retirement plan and, if so, your income.

** Nonqualified withdrawals may be subject to a 10% tax penalty.

Securities and insurance products are:
  • Not insured by the Federal Deposit Insurance Corporation (FDIC), any government agency, or any other
    deposit insurance program, including, without limitation, SAIF or BIF.
  • Not deposits with, obligations of, or guaranteed by CornerBank, N.A.
  • Subject to investment risk, including possible loss of the principal amount invested. Securities and
    annuities are offered by PrimeVest Financial Services, Inc., an independent,
    registered broker/dealer. Member SIPC.

Gloria Ulbrich

Sr. Vice President,
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