First National Bank Liberal - Products & Services - Individual Retirement Accounts

Individual Retirement Accounts (IRA's)

Traditional IRA

What is a Traditional IRA? An individual retirement account established for the benefit of one person. The table below shows the maximum contribution limits for each year through 2008. If self-employed, the contribution is based on net profit from self-employment, not gross income.

Economic Growth & Tax Relief Reconciliation Act of 2001 Traditional and Roth IRA Increased Contribution Limits Effective 2002
Year	Contribution Limit Under Age 50	Contribution Limit Over Age 50
2002	$3,000	$3,500
2003	$3,000	$3,500
2004	$3,000	$3,500
2005	$4,000	$4,500
2006	$4,000	$5,000
2007	$4,000	$5,000
2008	$5,000	$6,000
2009	$5,000	$6,000
2010	$5,000	$6,000
2011	$5,000	$6,000
2012 & Later	COLA in $500 Increments	COLA in $500 Increments

Roth IRA

What is a Roth IRA? A retirement account established for the benefit of one person that allows a nondeductible annual contribution of 100% of compensation up to the maximum amount allowed for the corresponding year in the table above, less any contributions made to a Traditional IRA for that same year. The earnings on the contributions accumulate tax-free as long as the five-year waiting period has been satisfied and qualifying distribution rules have been met.

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