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Traditional IRA

Contributions to a Traditional IRA are based upon compensation and age.
  • To make a regular Traditional IRA contribution for any tax year, an individual must be younger than 70½
  • Your contributions may range from fully deductible to totally non-deductible, based on your filing status and Adjusted Gross Income (AGI)
  • Withdrawals prior to age 59½ may be taxable and subject to the IRS 10% early withdrawal penalty

SEP IRA

A SEP IRA is funded with employer contributions.
  • Your employer can put in a certain percentage of your compensation
  • A good plan for employers with a low number of employees
  • Less expensive to administer than 401K or Profit Sharing plans
  • Employee contributions can also be made to the account
For more information, please contact the Fowler State Bank IRA Department at 765-884-1200 or 800-439-3951.