Downey Savings - Deposit Accounts

	Roth IRA
	Rollover IRA
	Contributory IRA
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If you're under age 70½, earn taxable income, and want an easy, consistent savings plan, a Traditional Contributory IRA is a great way to put aside money every year toward your future.

You can contribute $4,000 maximum per year, plus $4,000 for a spousal IRA, or 100% of your earned taxable income, whichever is less.*

Annual contributions may be tax-deductible, depending on your income and whether you are covered by an employer's retirement plan.

Earnings are tax-deferred until they are withdrawn.**

At age 70½, contributions are no longer allowed and mandatory distributions are required.

If you reach age 50 during the calendar year, an additional catch-up contribution may be made. Ask your tax advisor for details

Prior tax year contributions will be accepted up until your tax filing deadline. Extensions do not apply.

* These limits are also the aggregate totals for any combination of Traditional or Roth Contributory IRAs for any tax year. The contribution limit for non-wage earning spouses is $4,000. Married couples with one income can contribute a maximum of $8,000 annually. If the wage earner is age 70½, a spousal contribution may be contributed for the non-working spouse who is under age 70½.

** If funds are withdrawn prematurely, they may be subject to income tax if the owner is under age 59½, and a 10% premature distribution penalty. CD early withdrawal penalties may also apply.

Downey Savings does not provide legal, accounting or tax advice. Please consult with a qualified attorney, financial advisor, or tax advisor to understand how this information may apply to your own personal or business situation.

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