Miners National Bank of Eveleth

IRA's

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

  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