Miners National Bank of Eveleth

IRA's

For information on Educational IRA’s please contact our customer service department.

To download and print an application, please click here.

  Traditional IRA Roth IRA
Qualifications
  • Must have earned income
  • Must not have reached age 70 ½ by the end of the year
  • Must have earned income
  • No age restrictions
  • MAGI must not exceed IRS limits
Maximum Annual Contributions
  • Annual contribution limit or 100% of employment compensation for that tax year
  • Contribution limits can change yearly.
  • $1,000.00 catch-up contribution for any IRA owner 50 years or older
  • Annual contribution limit or 100% of employment compensation for that tax year.
  • Contribution limits can change yearly.
  • $1,000.00 catch-up contribution for any IRA owner 50 years or older
Required Distributions
  • Must begin by April following the year participants turn 70 ½
  • Only after death of participant
Eligibility Income
  • No income limits to make contributions
  • See income limits prior to making contributions
Penalties for Early Withdrawal
  • A non-qualified distribution is subject to taxation of earnings and a 10% additional tax unless an exception applies.
  • A non-qualified distribution is subject to taxation of earnings and a 10% additional tax unless an exception applies.
Tax Benefits
  • Tax-Deferred Earnings
  • Possible Tax Credit
  • Possible Tax Deduction
  • Tax-Deferred Earnings
  • Possible Tax Credit