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The Contribution Expert

Individual Retirement Accounts (IRA's) are an excellent way to invest money for retirement. USBI offers Traditional and Roth IRA as well as Education IRA's to help fund educational needs. A USBI Financial Advisor can help decide what products best fit your needs. You can also open a self-directed IRA account with U.S. Bancorp Discount Brokerage by calling 800-888-4700.

Contribution Limits:

Contribution Limits
Year: Roth: Traditional:
2004 $3,000 $3,000
2005-2007 $4,000 $4,000
2008 $5,000 $5,000
 
If you are aged 50 and older (as of the end of the year) you will be able to make additional catch-up annual contributions as follows:
2004-2005 $500 $500
2006-future $1,000 $1,000
Eligibility Restrictions:
Roth: Traditional:
Contributions can begin at any age as long as you have earned compensation subject to income limits: You must be under age 70 1/2 with earned compensation
For single filers: Up to $95,000 (to qualify for a full contribution); $95,000-$110,000 (to be eligible for a partial contribution)
For joint filers: Up to $150,000 (to qualify for a full contribution); $150,000-$160,000 (to be eligible for a partial contribution)
Tax Considerations:
Roth: Traditional:
Tax-Free, Not Tax Deductible Tax-Deferred, Tax Deductible*
*In 2004, the full deductiblity Annual Gross Income limits are $65,000 or less (joint) and $45,000 or less(single); partial deductibility AGI limits are raised to $75,000 (joint) and $55,000 (single)
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