IRA Description Page

Roth IRA

While your Roth IRA contributions are not deductible from your federal income tax, you can enjoy tax-free earnings. In addition, when you withdraw money from your Roth IRA, it is not subject to federal income tax if it is a qualified distribution. This includes withdrawals made after 5 years by individuals who are age 59 1/2, making a first time home purchase, for a beneficiary after death or by individuals with a disability.

Put your IRA to work by investing in one of the Dollar Bank IRA CDs shown below. Click a CD name for more details.
  • $5,000 maximum contribution or 100% of earned income, whichever is less
  • Spousal contribution of $5,000 based on compensated spouse’s income
  • "Catch Up" contributions of an additional $1000 for individuals age 50 or older
  • Anyone with earned income below $110,000 (below $166,000 for married couples) can contribute into a Roth IRA
  • Contributions are made on an after tax basis and the earnings may be tax and penalty free
  • Traditional IRAs can be converted into Roth IRAs
  • Qualified retirement plans can be rolled (converted) into Roth IRAs. The amount rolled over will be taxable, but your interest earned after that will be tax free.
  • Contributions are not deductible
  • The safety of FDIC insurance for a guaranteed return
  • Depositors can take distributions of principal without an IRS penalty not including Traditional IRA conversions
  • No required minimum distributions

* Contribution limits vary based on income and tax filing status. Please consult your tax advisor.

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Other IRA Options:
Traditional Term CD - (IRA)
CD Ladder - (IRA)
Relationship CD - (IRA)
Money Market Account - (IRA)
Premium Money Market Account - (IRA)
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