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An IRA is a guaranteed way to have a growing retirement fund and it may provide tax benefits+. We are pleased to offer both Traditional and Roth IRAs as well as SEP Plans.
SEP Plans (Simplified Employee Pension)
For decades the IRS stated that you could rollover one IRA distribution per 12-month period for each IRA you own. Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any one-year period regardless of the number of IRAs you own. However, you can continue to make unlimited trustee-to-trustee transfers between IRAs because it is not considered a rollover. Furthermore, you can also make as many rollovers from a Traditional IRA to a Roth IRA (also known as 'conversions').
IRS Publication 590-A and 590-B
Information on IRAs was previously provided by the IRS in Publication 590. This document was updated in January 2015, and has now been split into two parts: 590-A, which covers contributions to traditional IRAs and Roth IRAs, as well as rules for rollover and conversion contributions, and 590-B, which covers distributions from traditional IRAs and Roth IRAs, as well as rules for required minimum distributions and IRA beneficiaries. These documents may change from time to time, and if you would like to review current or future versions, please visit the IRS website at www.irs.gov and in the search box enter 'Publication 590.' As an added convenience, you can pick up a printed version from your hometown banker or call (757) 686-7199 and we will be happy to mail you a copy.
To learn more, please contact your local Hometown Banker.
+As your IRA Custodian, we cannot provide tax advice. Please consult with your own tax professional for advice.