Traditional IRA 
 
Who is Eligible to Contribute? 
Anyone under age 70 ½ who has earned income, regardless of income level. Spouses with one earned income can contribute for both. 
 
Maximum Annual Contributions 
Taxable year 2013: 
       • Under 50 - $5,500 
       • 50 and Over - $6,500 
 
Contribution Restrictions 
Yes, if active participant in employer retirement plan. Deductibility may be limited based on modified adjusted gross income (MAGI). 
 
Catch-up Contribution Limits 
Anyone age 50 and over is eligible to make additional "catch-up" IRA contributions of up to $1,000 through 2013. 
 
Contribution Deadlines 
IRAs for the taxable year can be opened and funded anytime between the first day of your tax year and the date your tax return is due for the year, excluding extensions. This due date is normally April 15 of the following year. 
 
Contributions After Age 70 ½ 
Not Allowed. 
 
Tax Advantages 
Deductible contributions tax-deferred until withdrawal. 
 
Tax Deduction 
Yes. Contributions up to the limit are fully tax-deductible if you are not an active participant in a retirement plan. Phaseout rules apply. 
 
IRS Penalty for Early Withdrawal 
None if:  
     • Over 59 ½ 
     • Qualified medical expenses 
     • First time home purchase (up to $10,000) 
     • Death or disability 
     • Qualified college expenses 
     • Due to IRS levy 
See your tax advisor for other distribution options. 
 
Bank Penalty for Early Withdrawal  
Standard Bank Early Withdrawal Penalties Apply. 
 
Required Distributions 
Must begin when participant turns 70 ½. 
 
Roth IRA 
 
Who is Eligible to Contribute 
As long as you have earned income, you can establish and contribute to a Roth IRA even after age  70 ½.  Spouses with one income can contribute for both. 
 
Maximum Annual Contributions 
Taxable year 2013: 
       • Under 50 - $5,500 
       • 50 and Over - $6,500 
 
Contribution Restrictions 
Contribution may be limited depending on your modified adjusted gross income (MAGI). 
 
Catch-up Contribution Limits 
Anyone age 50 and over is eligible to make additional "catch-up" IRA contributions of up to $1,000 through 2013. 
 
Contribution Deadlines 
IRAs for the taxable year can be opened and funded anytime between the first day of your tax year and the date your tax return is due for the year, excluding extensions. This due date is normally April 15 of the following year. 
 
Contributions After Age 70 ½ 
Allowed. 
 
Tax Advantages 
Qualified withdrawals are tax-free after age 59 ½. 
 
Tax Deduction 
No deduction for contributions. Tax-free withdrawal replaces this benefit. 
 
IRS Penalty for Early Withdrawal 
None if:  
     • Over 59 ½ plus Roth IRA established for at least 5 years 
     • Qualified medical expenses 
     • First time home purchase (up to $10,000) 
     • Death or disability 
     • Qualified college expenses 
     • Due to IRS levy 
See your tax advisor for other distribution options. 
 
Bank Penalty for Early Withdrawal  
Standard Bank Early Withdrawal Penalties Apply. 
 
Required Distributions 
After death of the participant. 
 
Coverdell Education Savings Account 
 
Who is Eligible to Contribute 
The designated beneficiary must be an individual under the age of 18.  The age 18 limitation does not apply to any designated beneficiary with special needs. 
 
Maximum Annual Contributions 
Taxable year 2013: 
       • $2,000 per beneficiary 
 
Contribution Restrictions 
Contribution may be limited depending on your modified adjusted gross income (MAGI). 
 
Catch-up Contributions Limits 
No "catch-up" contributions. 
 
Contribution Deadlines 
CESA accounts for the taxable year can be opened and funded anytime between the first day of the contributor's tax year and the date the contributor's tax return is due for the year, excluding extensions.  
This due date is normally April 15 of the following year. 
 
Contributions After Age 70 ½ 
Allowed. 
 
Tax Advantages 
Earnings grow tax-free for children under the age of 30. Withdrawals are tax-free for qualified education expenses. 
 
Tax Deduction 
No deduction for contributions. Tax-free growth replaces this benefit. 
 
IRS Penalty for Early Withdrawal 
None if:  
     • For payment of qualified education expenses. 
 
Bank Penalty for Early Withdrawal 
Standard Bank Early Withdrawal Penalties Apply. 
 
Required Distributions 
Must be complete 30 days after beneficiary reaches age 30 or upon death. The age 30 limit does not apply to any beneficiary with special needs. 
 
Refer to Providence Bank’s Truth in Savings Disclosure for additional account information. Please ask a Personal Banker for current rate information. Information for this flyer was obtained from the IRS website www.irs.gov.  
Where language is unclear, assumptions have been made. Investors must consult with their tax advisor or legal counsel for advice and information concerning their particular situation.  
Representatives of this bank may not give legal or tax advice. 
 
FDIC
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PREMIER BANK TEXAS DISCLAIMER: Premier Bank Texas is a branch of Providence Bank (a Missouri Bank). Providence Bank is not affiliated in any way with Providence Bank of Texas, Southlake, Texas.