Roth IRAs Photo Roth IRAs

The Roth IRA account is for you if you have earned income within certain limits and want a way to save and grow your money for retirement. To be eligible for this IRA you must have earned income within the Modified Adjusted Gross Income Requirements. Contribute up to 100 percent of your earned income or the standard limit, whichever is less.

2023 tax year contribution limits:

  • Lesser of $6,500 or total amount of compensation (under age 50)
  • Lesser of $7,500 or total amount of compensation (age 50 or over)
  • Spousal contributions allowed

2022 tax year contribution limits:

  • Lesser of $6,000 or total amount of compensation (under age 50)
  • Lesser of $7,000 or total amount of compensation (age 50 or over)
  • Spousal contributions allowed

Distributions: Tax-free and IRS penalty-free if held for five years and taken for a qualified reason.

*Consult your tax advisor for details. Other information regarding Traditional IRAs and Roth IRAs such as conversions, transfers, rollovers and investment options are available from any of our personal bankers at Central Bank. Simply contact or come by your nearest Central Bank location to learn more.

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Dustin Pohlman

Vice President, Regional Retail Manager

Location: Spirit Lake Main Office

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Julie Dhabalt

Retail Branch Supervisor

Location: Cherokee Main Office

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Nancy George

Personal Banker II/Emerald Club Director

Location: Dakota Dunes Main Office

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Stacy Meyer

Personal Banker II/Emerald Club Director

Location: Storm Lake Main Office

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