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How IRAs Work

The main advantage is that earnings on the IRA account are tax - deferred to encourage individuals not to withdraw the money until they have reached "retirement age". There is a 10% penalty for an early withdrawal and the funds may be recognized as taxable income as well. A CPA or other tax advisor can help determine if liability or qualifying exceptions.

Contributions to an IRA maybe deductible from taxable income. This is not the case with all IRA's nor is every taxpayer eligible for this benefit. The IRS limits how much can be contributed to an IRA to a certain portion of income. These limits change from year to year.

This information is general in nature and should not be construed as tax or financial advice. Consult your tax advisor or financial planner for more complete information. More information on IRAs and the rules and regulations governing them can be found in Publication 590 at www.IRS.gov.

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NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a IInoninterest-bearing transaction accounts" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules. The term IInoninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts· (1I10LTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts. For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.