Secure Your Future With An Individual Retirement Account
Is an IRA right for you?
Many Americans can deduct all or part of their TRADITIONAL IRA contributions from current income taxes. With a Traditional IRA, you may also be able to defer taxes until you retire. You may want to consult your tax advisor to review the tax deductible status of an IRA.
The Commercial National Bank also offers ROTH IRAs which accept only nondeductible contributions. Your tax advisor can advise you on which IRA is best for you.
Did you know? If you anticipate withdrawing money from your employer’s Qualified Retirement Plan, you can avoid the mandatory 20% withholding by arranging a “DIRECT ROLLOVER” of your retirement funds into a Traditional IRA. You may contact the Commercial National Bank to assist you with a QRP-to-IRA “direct rollover” to a new Traditional IRA with us.
An IRA “ROLLOVER” would occur if you chose to take possession of your Qualified Retirement Plan funds or your Traditional/ROTH IRA funds, then “rolled” that money back into the appropriate IRA. An IRA “ROLLOVER” must be completed within 60 days from your date of receipt of the funds, with IRS regulatory guidelines.
The Commercial National Bank can also assist you with a TRANSFER of IRA funds from another existing IRA to a new IRA with us. An IRA Transfer is a non-reportable IRS transaction.
**IRA's are subject to additional IRS requirements. For additional information, visit Individual retirement arrangements (IRAs) | Internal Revenue Service.
For more information about IRA Rollovers/Transfers or opening a new IRA just give us a call at 325-597-2961 or 325-372-2961.
New Customer Requirements for Individual Retirement Products
- Valid government issued photo identification card and social security number
- Proof of address if not updated on photo identification
Important information about procedures for opening a new account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
