Get a Better Tax Refund – Open an IRA
With tax season just around the corner, right now is the perfect time to contribute to an IRA, whether it’s a Traditional or Roth. You have until April 18 to make an IRA contribution and still claim it on your 2010 tax returns. This year the due date is later due to April 15 falling on a holiday for the District of Columbia.
IRAs are designed to be long-term , tax-advantaged retirement accounts for individuals and help you keep more money for yourself and pay less in taxes. You may even be able to take tax credits if you make eligible contributions to a qualified retirement plan, such as a Traditional IRA or Roth IRA. Please check with IRS Publication 590 for further details.
With Bell State Bank & Trust Fixed Rate and Variable Rate IRAs We Guarantee…
- No annual fees, commissions or hidden charges
- Tax deferred earnings – so your money grows faster (See your tax advisor)
- Trade up – after age 59 1/2, you may trade up to a higher rate once a year
- Your retirement funds stay local
What is the difference between a Roth IRA and a Traditional IRA?
If you’ve never opened an IRA before, you should review some of the pros and cons of a Traditional or a Roth account. The main difference between the two IRAs has to do with when you’ll be taxed:
- Roth IRA– contributions are made with after-tax assets, all transactions within the IRA have no tax impact, and withdrawals are usually tax-free.
- Traditional IRA – contributions are often tax-deductible (often simplified as “money is deposited before tax” or “contributions are made with pre-tax assets”), all transactions and earnings within the IRA have no tax impact, and withdrawals at retirement are taxed as income.
We have two options available for your IRA investments. Check out our IRA rates:
Check out our Bank IRA rates: Fixed Rate and Variable Rate IRAs
For other IRA investment options: Bell State Bank & Trust Investments IRA Rates
If you would like additional information about IRAs or would like to open an account, please call or stop by one of our 14 locations today!
(Always check with your tax advisor before opening an IRA.)