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Can
I contribute to a Roth IRA even if I participate in
an employer-sponsored plan?
Yes. Because contributions
are not tax-deductible, participation in an employer-sponsored
plan does not affect your ability to contribute to
a Roth IRA.
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Should
I contribute if I can't take a deduction?
Absolutely! There
are significant benefits to making an IRA contribution
even if it is not currently tax deductible. A non-deductible
contribution:
- Grows tax-deferred,
with earnings sheltered from taxation until withdrawn,
- Has already been taxed,
and will not be taxed again, and
- Whether deductible
or nondeductible - it's
a step closer to a secure retirement.
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Is
there an annual fee?
Yes the annual fee is $10.00 per IRA account
you open.
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Is
there a closeout fee?
Yes, the closeout fee is $35.00 per IRA account
you open.
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Is
there a distribution fee?
No.
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Is
there an early CD withdrawal fee?
Yes, early withdrawal penalties are assessed
based on the term of the Certificate of Deposit. If
the term is less than one year, UmbrellaBank charges a
penalty of 3 months interest. If the term is one
year or greater, the penalty is six months interest. If
an individual is over 70 1/2 and required to take distributions,
the penalties will be waived.
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What
IRA products do you offer?
We offer Money Markets
and CDs for Traditional IRAs, Roth IRAs, and Coverdell
Education Money Market Accounts.
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Where
can I learn more about Traditional IRAs?
Please
proceed to our IRA
Service Center.
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Where
can I learn more about Roth IRAs?
Please proceed
to our IRA
Service Center.
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Where
can I learn more about Coverdell Education Money Market
Accounts?
Please proceed to our IRA
Service Center.
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