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IRA Comparison Chart

IRA Traditional ROTH
Qualifications Must have earned income.  Must not be 70 ½ by the year end. Individual must have earned income.  May be any age.
Income Limitations No limits for individuals not actively participating in employer retirement plans.  If active participant in employer retirement plan, subject to phase-out rules:
Deductibility of Traditional IRA Contributions
Regardless of coverage by  employer retirement plan, subject to phase-out rules: MFJ: $169,000 - $179,000
Single: $107,000 - $122,000
MFS: $0 - $10,000
Contributions Limits IRA Contribution Limits chart IRA Contribution Limits chart
Allowable deduction Full deduction if individual is not an active participant in an employer maintained retirement plan.  Phase-out rules apply if an active participant. Deductibility of Traditional IRA Contributions No deduction allowed. 
Penalties 10% penalty is applied to all distributions that are taken before age 59 ½.  A 6% penalty is applied to all excess contributions. 10% penalty is applied to all distributions that are taken before age 59 ½.  A 6% penalty is applied to all excess contributions.
Rollovers and conversions IRA funds may be rolled into another IRA. (Rollovers must be completed within 60 days to avoid tax implications)
IRA funds may also be converted into Roth IRAs penalty free:
Conversions are subject to income tax.  Consult you tax advisor for more info.
Only taxpayers with AGI less than $100,000 are eligible.
Funds from one Roth IRA may be rolled over tax free into another Roth IRA.
Required Distributions Must begin April 1, following the year the participant turns age 70 ½. How much do you need to take out for RMD chart? Distributions may be required only after death of the participant. – See tax consultant for details.
Tax Treatment on Distributions All distributions are taxable at participant’s tax bracket. Qualified distributions are nontaxable (including earnings).  Certain nonqualified distributions are not subject to the 10% penalty, but the earnings portion is taxable (Consult your tax advisor for more info.).

 

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Bank Among Friends
First Minnetonka City Bank
First Minnetonka Investment Center is a registered branch of LaSalle St. Securities, LLC.
Securities are offered through LaSalle St. Securities, LLC., Advisory Services offered through LaSalle St. Investment Advisors, LLC.
 LaSalle St. Investment Advisors, LLC is affiliated with LaSalle St. Securities, LLC.- a registered broker/dealer.
Tam Hubert, CFP® and Kristi Remus are registered representatives of LaSalle St. Securities, LLC.
940 N Industrial Dr., Elmhurst, IL 60126-1131. Member FINRA / SIPC. Not a deposit. Not FDIC insured.
Not insured by any Federal Government agency. Not guaranteed by the bank. May lose value.
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Mission

Enforce the Fair Housing Act and other civil rights laws to ensure the right of equal housing opportunity and free and fair housing choice without discrimination based on race, color, religion, sex, national origin, disability or family composition.

Major Goals

1. Reduce discrimination in housing by doubling the Title VIII case load by the end of 2000 through aggressive enforcement of civil rights and fair housing laws;

2. Promote geographic mobility for low-income and minority households;

3. Integrate fair housing plans into HUD's Consolidated Plans;

4. Further fair housing in other relevant programs of the Federal government; and

5. Promote substantial equivalency among state, local and community organizations involved in providing housing.