IRAs

Secure Your Future With An Individual Retirement Account

Is an IRA right for you?

Many Americans can deduct all or part of their TRADITIONAL IRA contributions from current income taxes. With a Traditional IRA, you may also be able to defer taxes until you retire. You may want to consult your tax advisor to review the tax deductible status of an IRA.

The Commercial National Bank also offers ROTH IRAs which accept only nondeductible contributions. Your tax advisor can advise you on which IRA is best for you.

Did you know? If you anticipate withdrawing money from your employers Qualified Retirement Plan, you can avoid the mandatory 20% withholding by arranging a DIRECT ROLLOVER of your retirement funds into a Traditional IRA. You may contact the Commercial National Bank to assist you with a QRP-to-IRA direct rollover to a new Traditional IRA with us.

An IRA ROLLOVER would occur if you chose to take possession of your Qualified Retirement Plan funds or your Traditional/ROTH IRA funds, then rolled that money back into the appropriate IRA. An IRA ROLLOVER must be completed within 60 days from your date of receipt of the funds, with IRS regulatory guidelines.

The Commercial National Bank can also assist you with a TRANSFER of IRA funds from another existing IRA to a new IRA with us. An IRA Transfer is a non-reportable IRS transaction.

For more information about IRA Rollovers/Transfers or opening a new IRA just give us a call at 325-597-2961 or 325-372-2961.