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Upcoming Events
School Supply Drive
July 19-August 7
Donations Accepted
at any FCB Location
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IRA Accounts
Safe and Secure Way to Save for the Future!
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Traditional
IRA |
Roth
IRA |
Coverdell Education
Savings Account |
| Customized For |
Anyone wanting to save money for retirement. |
Anyone wanting to invest in a tax-preferred savings to accumulate assets for retirement purposes or for other purposes. |
Anyone wanting to invest in a tax preferred savings to save for future education expenses |
| Eligibility |
- Under the age of 70 ½
- Earned income
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- Earned Income
- No age limit
- Income limitations
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- Beneficiary must be 18 or younger
- Anyone can contribute funds to the CESA
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| Contribution Limit |
The lessor of:
- 100% of income
or
- annual limit
a) b) 50yrs of age or above= $6000
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The lessor of:
- 100% of income
or
- annual limit
a) b) 50yrs of age or above= $6000
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- $2000 per year per beneficiary
- Age Limit-Up to 18yr old
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| Tax Benefit |
If your contribution is tax deductible, then you receive an immediate tax savings because you pay fewer taxes because of the deductions. The earnings generated by the IRA funds are not taxed until distributed. If your contribution is not tax deductible, you still receive the benefit of tax deferred earnings. You may also qualify for a new tax credit. |
The contributions you make to your ROTH are after tax dollars. The earnings realized by the ROTH are not presently taxed and may never be taxed. In some cases, you may be eligible to claim a tax credit because of your ROTH contribution. |
The income earned by or within this Savings Account will not be taxable when distributed if withdrawn to pay qualified education expenses. |
| Distributions |
You may begin withdrawals at any time. However you may want to understand the income tax consequences of taking distributions at certain times.
You are required to make a withdrawal or a minimum amount by April 1st of the year following the calendar year in which you reach 70 ½ and by each December 31st thereafter. |
You may begin withdrawals at any time. However you may want to understand the income tax consequences of taking distributions at certain times. |
The designated beneficiary may begin withdrawals at anytime. However, if the funds are not used for educational expenses or the distribution exceeds the amount of qualified expenses, it will be partially taxed. All funds must be withdrawn or transferred to another eligible beneficiary by age 30. |
*Simple and SEP IRA’s available, please contact an FCB New Accounts representative for details
Temporary Liquidity Guarantee Program
FCB Banks is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
On July 21, 2010, FDIC insurance coverage was permanently raised to $250,000. The FDIC insurance limit applies per depositor, per insured depository institution for each account ownership category.
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