As part of our new services available to you, all Midwest Mortgage accounts have been successfully transferred; however, you may not see them in your online banking. Rest assured, you will be able to see your account information in online banking soon. We apologize for any inconvenience.

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What are the tax advantages?

Traditional IRA

  • A married person who is not an active participant in a retirement plan, but whose spouse is an active participant will be eligible for a fully deductible contribution to a Traditional IRA if MAGI* is under $150,000
  • Earnings compound tax-deferred until withdrawn, usually out-earning taxable non-IRA investments. Earnings are then taxed when withdrawn, usually at a lower tax rate.
  • Contributions may be tax deductible if certain requirements are met.

Roth IRA

  • Regular contributions can be withdrawn tax and penalty free anytime
  • Earnings are tax free if account is open for five years and withdrawn for one of the following qualified reasons:
    • Death
    • Disability
    • Age 59 1/2
    • First time home purchase
    • Not required to start withdrawals at age 70 1/2

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