IRAs

No matter what your age, you may be looking forward to retiring someday. When that day arrives, you need to make certain that you have sufficient money saved to meet your everyday needs. Your goals, plans and timeframe make a difference in choosing the retirement solution that's best for you.

There are a variety of IRA options available at Ozark Bank offering competitive rates. These options could include:

A tax-deductible, tax-deferred Traditional IRA

  • With a Traditional IRA, you can contribute up to $5,500 per tax year.
    • Those 50 and over can contribute an additional $1,000 "catch-up" contribution
  • Your contribution(s) may be tax-deductible, and any earnings grow tax-deferred.
  • Distributions are generally taxable in the year received and may be subject to a 10% early withdrawal penalty if you are under the age of 59 ½.
  • You must be at least 18 and have earned income to open this account.
  • (see a tax professional for the latest tax rules and eligibility requirements)

A Contributory Roth IRA offering tax-free growth of investment earnings

  • With a contributory Roth IRA, you can contribute up to $5,500 per tax year.
    • Those 50 and over can contribute an additional $1,000 "catch-up" contribution
  • Your contributions will not be tax-deductible; however, earnings grow tax-free and distributions are generally tax-free in the year received provided certain requirements are met.
  • Eligibility to make a Roth IRA contribution is phased out for individuals with Adjusted Gross Income (AGI) between $116,000 - $131,000 (couples with AGI between $183,000 - $193,000).
  • You must be at least 18 and have earned income to open this account.
  • (see a tax professional for the latest tax rules and eligibility requirements)

A Roth Conversion IRA to take advantage of tax-free growth of investment earnings

  • With a Roth Conversion IRA, you generally can convert (or "roll over") all or a portion of a distribution from a Traditional IRA.
  • Earnings grow tax-free and distributions are tax-free in the year received provided certain requirements are met.
  • The converted assets will be taxable in the year the conversion is completed.

An IRA Rollover for distribution from employer-qualified retirement plans

  • With an IRA rollover, you can roll over any eligible distributions from an employer-sponsored retirement plan.
  • Earnings grow tax-deferred and distributions are generally taxable in the year they are received.
  • Distributions may be subject to a 10% early withdrawal penalty if you are under age 59 ½.

Transfers of an existing IRA to another IRA

  • With an IRA transfer, you can direct the transfer of an existing IRA at another financial institution to an Ozark Bank IRA of the same type without the IRA owner having control of the funds.