At Osgood Bank we make it simple to transfer funds from another financial institution or a qualified retirement plan by doing the work for you. Call your local Osgood Branch or schedule a time for us to call you and we will set up an appointment to complete paperwork for you to send out for the funds.
Please bring with you information needed to establish an account (drivers license, proof of SSN, address verification if different than your ID). We will also need information on the financial institution where your current plan is housed including account number and type of account.
Osgood Bank recommends you reach out to your tax advisor with any in depth questions on how this move would impact your overall financial picture.
There is no minimum age limit to make any type of IRA contribution. However, to be eligible to make an IRA contribution, you must have taxable compensation in an amount that equals or exceeds the amount of your IRA contribution. Taxable compensation is income you have worked for, including salaries, wages, and self-employment income.
Concerning ROTH IRA’s there are income levels that can come into play. We will be glad to give you the information concerning those limits but cannot know for sure if you will be affected. Due to the complex nature of tax law, we recommend that you speak with your tax preparer for tax-related questions.
You can make a withdrawal from your IRA, however, there may be tax consequences.
At age 72 you must begin taking a Required Minimum Distribution from your IRA annually. At age 55 you may take a withdrawal from your IRA with no tax consequences. Early withdrawal penalties may apply if your CD is not at maturity.
There are several circumstances under which the government may waive tax consequences. Due to the complex nature of tax law, we recommend that you speak with your tax preparer for tax-related questions.
Osgood Bank is happy to provide your tax documents through your online banking platform. We are also able to provide them to you in person at one of our locations or through a secure email portal.
If you require assistance we can help.
Request a call back to schedule a time to help you obtain your documents.
For 2021, the standard contribution limit for both Traditional and ROTH IRAs is $6,000.
If you are age 50 years or older in the calendar year for the contribution, the IRS allows a catch-up contribution feature. This allows you to contribute an additional $1,000 each year you are eligible to contribute to your IRA.