Individual Retirement Accounts

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Individual Retirement Accounts

Traditional IRA
These IRAs have been popular for years. In many cases, the contributions are tax deductible and the earnings are tax deferred until retirement. You can contribute up to $6,000 ($7,000 if age 50 or older) aggregate limit for Roth and Traditional IRAs per taxpayer per year. And your choice of investment vehicles is very wide.

Education IRA
The Education IRA allows investors to make non-deductible annual contributions of up to $2,000 per child. The earnings build up and therefore, the withdrawal would be tax free, as long as the proceeds are used for qualified, higher education expenses.

Roth IRA
This IRA offers the kind of tax-free buildup and withdrawal that many investors will find highly appealing. And up to certain income limits, virtually any income earning U.S. citizen can contribute to a Roth IRA. You can contribute up to $6,000 ($7,000 if age 50 or older) aggregate limit for Roth and Traditional IRAs per taxpayer per year.

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Who is eligible for an IRA? Most taxpayers who have earned income are eligible for an IRA. Some high-income individuals are excluded from Roth IRAs. Check with your tax advisor for complete details.

What about Spousal IRAs? Your spouse can have his or her own IRA even if they don’t earn income.

What are Rollover IRAs? A rollover IRA can be established when you have a distribution or transfer from a previous retirement plan to a new plan. It is very common for people who change employers to take their 401 (k) balance and “roll it over” into a Self-Directed IRA.

Rollover Accounts If you are planning to retire soon or change jobs, you may be about to receive a distribution from your present company’s pension or profit sharing plan. Without careful planning, you could lose a significant part of your distribution to the government in taxes.

If you want to defer taxation on the distribution and still keep control of your investment options, it is important that you don’t take the distribution in hand. If you follow very specific rules, you can roll over the balance without a current tax liability. Your BOT Investments Team can handle the details for you.

Transferring an Existing IRA If your current IRA does not allow you the flexibility of investment choices that pursue your objectives, you may want to consider transferring your assets into one of the IRA options offered by LPL Financial.

With an IRA Transfer, you do not take possession of your existing IRA assets. Instead, your BOT Investments Team will help you prepare a Custodial Transfer Authorization form authorizing the tax-free transfer of all or a portion of your current account. The assets will be transferred on your behalf to an IRA opened with LPL Financial.

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer
(member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Bank of Tennessee and Wealth Management, a division of
Bank of Tennessee are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Wealth
Management, and may also be employees of Bank of Tennessee. These products and services are being offered through LPL or its
affiliates, which are separate entities from, and not affiliates of, Bank of Tennessee or Wealth Management.
Securities and insurance offered through LPL or its affiliates are:
Not FDIC Insured | Not Bank Guaranteed | May Lose Value
Not a Bank Deposit | Not Insured by Any Federal Government Agency
This site is designed for U.S. residents only. The services offered within this site are available exclusively through our U.S. registered representatives. LPL Financial’s U.S. registered representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.