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Traditional vs. Roth

  Traditional IRA Roth IRA
Tax Effect* Contributions may be tax deductible Contributions are not deductible
Earnings are tax-deferred Earnings are tax-deferred
Distributions are taxable Qualified distributions are tax-free
Contribution Limits for 2013 100% of earned income up to $5,500 (or $6,500 if age 50 or over) reduced by Roth IRA contributions. 100% of earned income up to $5,500 (or $6,500 if age 50 or over) reduced by Traditional IRA contributions
Contribution Limits for 2014 100% of earned income up to $5,500 (or $6,500 if age 50 or over) reduced by Roth IRA contributions. 100% of earned income up to $5,500 (or $6,500 if age 50 or over) reduced by Traditional IRA contributions
Contribution Deadlines Prior year contributions (for 2012) may be made between January 1st - April 15th, 2013 Prior year contributions (for 2012) may be made between January 1st - April 15th, 2013
Current year contributions may be made from January 1st - December 31st, 2013. Current year contributions may be made from January 1st - December 31st, 2013.
Eligibility Individuals under the age of 70 1/2 who have earned income. Individuals who have earned income and fall with the Modified Adjusted Gross Income (MAGI) limits.
Minimum Distribution Requirements Required minimum distributions must be taken beginning the year in which an individual turns 70 1/2. None
Transfers IRA funds may be transferred from an existing Traditional IRA at another financial institution to Tri City National Bank. IRA funds may be transferred from an existing Roth IRA at another financial institution to Tri City National Bank.
Rollover Funds from an Employer Sponsored Retirement Plan (i.e. 401(k) Plan) or Traditional IRA may be moved into a Traditional IRA Funds from an Employer Sponsored Retirement Plan (i.e. 401(k) Plan) or a Roth IRA may be rolled into a Roth IRA

*You may receive tax benefits as a result of contributing to an IRA or penalties for early withdrawals.  Withdrawals made prior to age 59½ may subject you to tax liabilities and penalties.  For more information about your potential tax advantages or liabilities, consult with a certified tax professional about what rules apply to your particular financial situation.      
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