Individual Retirement Account
An IRA for Every Individual
Retire with a nest egg just waiting for you. Community National Bank has tax-advantaged IRAs for anyone looking ahead to retirement. If you want to see if this is the investment for you, take our One-Minute IRA Test and find out. Then, give us a call at (423) 570-0280 or (706) 866-7932.
Save on your present taxes. Deduct your qualified contributions. The deductible amount depends on your income, marital status and, if you’re in an employer sponsored plan. By the time you retire, you’ll be in a lower income tax bracket and you save even more. Check the chart below to see how much you can save each year. Be sure to consult with your tax advisor about your tax-deductible status.
IRA Tax Savings Potential
| IRA Deductible Contribution Amount | 15% Tax Bracket Savings | 25% Tax Bracket Savings | 28% Tax Bracket Savings | 33% Tax Bracket Savings | 35% Tax Bracket Savings |
|---|---|---|---|---|---|
| $500 | $75 | $125 | $140 | $165 | $175 |
| $1,000 | $150 | $250 | $280 | $330 | $350 |
| $2,000 | $300 | $500 | $560 | $660 | $700 |
| $3,000 | $450 | $750 | $840 | $990 | $1,050 |
| $4,000 | $600 | $1.000 | $1,120 | $1,320 | $1,400 |
Consult a tax professional for information concerning your savings potential.
Changing employers? Take advantage of our IRA Rollover. Avoid withdrawal penalties. Transfer your assets into a Community National Bank IRA. Ask your employer to arrange for a “direct rollover.” Or, do it yourself. It’s easy with an IRA-to-IRA rollover. Complete it within 60 days from the date you receive your assets. For more information, call us or drop by our nearest location.