Trust & Investments Information Center
Who is eligible for an IRA?
Most taxpayers who have earned income are eligible for an IRA. Some high-income individuals are excluded from Roth IRAs. The phase out for individuals is $95,000-$110,000 and $150,000-$160,000 for joint filers in 2008. Check with your tax advisor for complete details.
What about Spousal IRAs?
Your spouse can have his or her own IRA even if they don’t earn income.
What are Rollover IRAs?
A rollover IRA is established when you have a distribution from a previous retirement plan. It is very common for people who change employers to take their 401 (k) balance and “roll it over” into a Self-Directed IRA.
If you are planning to retire soon, or change jobs, you may be about to receive a distribution from your present company’s pension or profit sharing plan. Without careful planning, you could lose a significant part of your distribution to the government in taxes.
If you want to defer taxation on the distribution and still keep control of your investment options, it is important that you don’t take the distribution in hand. If you follow very specific rules, you can roll over the balance without a current tax liability. Your Investment Professionals, Inc. Investment Representative can handle the details for you.
Transferring an Existing IRA
If your current IRA does not allow you the flexibility of investment choices that meet your objectives, you may want to consider transferring your assets into one of the IRA options offered by Investment Professionals, Inc.
With an IRA Transfer, you do not take possession of your existing IRA assets. Instead, your Investment Professionals, Inc. Representative will help you prepare a Custodial Transfer Authorization form authorizing the tax-free transfer of all or a portion of your current account. The assets will be transferred on your behalf to an IRA opened with Investment Professionals, Inc..
Investment Professionals, Inc.
Through a partnership with IPI, Hastings City Bank has access to a full range of brokerage services. We are ready and able to assist you with a wide variety of investment related products and services.
|NO BANK GUARANTEE | NOT FDIC INSURED | MAY LOSE VALUE All Securities and Advisory Services provided under the name HCB Investment Center are offered through Investment Professionals, Inc. (IPI), a Registered Broker/Dealer & Registered Investment Advisor and member FINRA & SIPC. Customers working with HCB Investment Center will be dealing solely through IPI with respect to their investment, brokerage and securities transactions. IPI does not offer or provide legal or tax advice. Please consult your attorney and/or tax advisor for such services. The products offered by Investment Professionals, Inc. are not insured by the FDIC, the NCUA or any other agency of the government, are not deposits or other obligations of a bank or guaranteed by a bank and involve investment risks, including possible loss of principal amount invested.|
This site is designed for U.S. residents only. The services offered within this site are available exclusively through our U.S. registered representatives. Investment Professionals, Inc. U.S. registered representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.