TrustBank offers a variety of retirement and education plans.
A FDIC-insured Individual Retirement Account (IRA) or Coverdell Education Savings Account (CESA) can help your money work harder as you plan for a secure future.
|Regular Contribution Elegibility Requirements|
|Traditional IRA||Roth IRA|
Younger than age 70 1/2 all year
Limited by MAGI
|Regular IRA Contributions|
|Tax Year||Standard Combined IRA Contribution Limit||Catch-Up Amount (Ages 50+)||Total Combined IRA|
|2020 & Later Years||$6,000 + COLA||$1,000||$7,000 + COLA|
|2019||$6,000 (or 100% of compensation if smaller)||$1,000||$7,000 (or 100% of compensation if smaller)|
|2018||$5,500 (or 100% of compensation if smaller)||$1,000||$6,500 (or 100% of compensation if smaller)|
Contribution Deadline: Income tax return filing due date, not including extensions
COLA = Cost of living adjustments