IRAs

We have a wide selection of IRA Certificates of Deposit for both Roth and Traditional IRA investments. Variable rate IRA CDs may take additional contributions (according to contribution limits established by the IRS), plus rollovers and direct rollovers (from an employer plan) and transfers from other institutions. Fixed rate CDs are established with the investment amount and interest rate for the term of the CD.

Please consult with your tax or legal professional to help make the best decisions regarding your IRA and then visit our main office to speak with one of our new account representatives if you have further questions about establishing your Individual Retirement Account at Blissfield State Bank.

Traditional IRA

• You must be younger than 70 1/2 and have compensation (salary or wages)
• Contributions are limited to amounts determined by the IRS - $5000.00 for 2009 with a $1000.00 catch-up limit for individuals over 50
• All earnings on your IRA contributions are tax deferred until you make withdrawals.
• Your contribution is deductible if you do not participate in an employer sponsored retirement plan, and may be eligible for a deduction if you do contribute to a plan (depending upon on your modified adjusted gross income (MAGI)
• You will be required to take annual distributions (RMD) after age 70 1/2

Roth IRA

• You must have compensation and your MAGI must meet the IRS contribution limits
• Contributions are not tax deductible
• Earnings are tax free if they are part of a qualified distribution: over 59 ½, first time home buyer (limit $10,000), disability or to your beneficiary
• You are never required to take distributions from your Roth IRA

Coverdell Education IRA

• Contributions are made for a beneficiary (child under the age of 18 or special needs beneficiary)
• Contributions are not deductible but earnings grow tax free
• Contributions are limited to $2000.00 per beneficiary
• Distributions are tax free as long as they are used for qualified educational expenses