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Seymour - Main Office

125 South Chestnut Street
Seymour, IN 47274
(812) 522-3607
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Bedford

2635 16th Street
Bedford, IN 47421
(812) 275-1120
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Bloomington

1280 North College Avenue,
Suite 4
Bloomington, IN 47404
(812) 339-2282
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2421 South Walnut Street
Bloomington, IN 47401
(812) 339-2282
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Brownstown

108 West Commerce Street
Brownstown, IN 47220
(812) 358-2520
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Columbus

2761 Central Avenue
Columbus, IN 47201
(812) 378-0850
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3880 West Jonathan Moore Pike
Columbus, IN 47201
(812) 342-3633
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400 Washington Street
Columbus, IN 47201
(812) 379-1991
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Greensburg

1035 North Lincoln Street
Greensburg, IN 47240
(812) 663-3836
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Greenwood

2871 South State Road 135
Greenwood, IN 46143
(317) 884-8817
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North Vernon

611-A North State Street
North Vernon, IN 47265
(812) 346-8014
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Seymour

1181 West Tipton Street
Seymour, IN 47274
(812) 522-3607
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1200 East Tipton Street
Seymour, IN 47274
(812) 522-3607
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JCB Investment Services
311 North Ewing Street
Seymour, IN 47274
(812) 519-1500
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JCB Investment Services
1010 West 2nd Street
Seymour, IN 47274
(812) 523-2323
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JCB Investment Services
125 South Chestnut Street
Seymour, IN 47274
(812) 524-7965
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JCB Investment Services
2761 Central Avenue
Columbus, IN 47201
(812) 378-0850
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JCB Investment Services
1035 North Lincoln Street
Greensburg, IN 47240
(812) 663-3836
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RETAIL ONLINE BANKING ENROLLMENT

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IRAs at a Glance (Traditional and Roth)

There are many factors to consider when selecting the right IRA for you. Use the chart below to find out which option is the right one for you.

IRA Features

IRA Features	Traditional IRA	Roth IRA
Tax Advantage:	Earnings grow tax-deferred until withdrawn at retirement.	Earnings grow tax-deferred, no taxes paid upon withdrawals.

Who Can Contribute:	Any individual with earned income. Non-working spouse (must file a joint return that indicates earned income). Contribution limit of $6,500 ($7,500 if 50 or older).	Any individual with earned income. Non-working spouse of any age (must file a joint return that includes earned income). Contribution limits are phased out for higher earners (Please see Tables below).
Maximum Annual Contribution:	$7,500 for 2023 (reduced by contributions to a Roth IRA).	$6,500 for 2023 (reduced by contributions to a Traditional IRA).
Catch-up Contributions:	In 2023, anyone age 50 or older may make an additional "catch-up" contribution amount of $1,000.	In 2023, anyone age 50 or older may make an additional "catch-up" contribution amount of $1,000.
Are Contributions Tax-Deductible:	MAYBE – If no employer sponsored plan, contributions are fully deductible. If covered by an employer sponsored plan, deductibility is determined by your Modified Adjusted Gross Income ("MAGI") and your tax filing status (see Tables below). Can also have a non-deductible IRA if income exceeds limits.	NO – Contributions are non-deductible.
Income Taxes on Withdrawal of Gains/Earnings:	YES – Gains/earnings are taxed at ordinary income rates, plus 10% penalty if under 59½.	NO – Tax-free if account is open five years AND Owner is 59½ OR First-time home purchase (up to $10,000) OR Death or Disability
Income Taxes on Withdrawal of Contributions:	YES – At ordinary income rates if contributions were tax-deductible. NO – If contributions were non-deductible initially	NO – Contributions can be withdrawn at any time without penalty, subject to 5-year Rule and a penalty of 10% if under 59½.
Penalty on Early Withdrawal:	YES – 10% if under 59½. Penalty is waived (but still taxed as income) if withdrawals are for: Higher education expenses First-time home purchase (up to $10,000) (Buy/build/rebuild must be done within 120 days of withdrawal) Death or Disability Certain medical expenses	YES – 10% if under 59½. Penalty waived if withdrawals are for: Higher education expenses First-time home purchase (up to $10,000) Death or Disability Certain medical expenses
Required Withdrawals:	YES – Beginning at age 73 in 2023	NO
Are Rollovers and Transfers Permitted:	YES – You can rollover/transfer to and from other Traditional IRAs. YES – You can rollover from qualified employer sponsored plans, including profit sharing, money purchase, 401(k), 457, and others. YES – You may convert a Traditional IRA to a Roth IRA.	YES – You can rollover/transfer to and from other Roth IRAs. NO – You cannot rollover qualified retirement plan dollars directly to a Roth IRA; assets must be rolled into a Traditional IRA, which can then be converted. YES – You may convert a Traditional IRA to a Roth IRA.

Income Limits for Traditional IRA Deductibility

Covered by a Retirement Plan
2023

If you are a single taxpayer and your Modified Adjusted Gross Income ("MAGI") is:	If you are married, filing jointly and your Modified Adjusted Gross Income ("MAGI") is:	Your Traditional IRA contribution is:
Up to $73,000	Up to $116,000	Fully deductible
$73,000 – $83,000	$116,000 – $136,000	Partially deductible
Over $83,000	Over $136,000	Not deductible

Not Covered by a Retirement Plan
2023

If you are a single taxpayer and your MAGI is:	If you are married, filing jointly and your MAGI is:	You may take:
Any amount	Any amount	Fully deductible

Roth IRA Eligibility

If you are a single taxpayer and your MAGI is:	If you are married, filing jointly and your MAGI is:	You may take:
Up to $138,000	Up to $218,000	Full contribution
$138,000 to $153,000	$218,000 to $228,000	Reduced contribution
Over $153,000	Over $228,000	No contribution

Traditional IRA to Roth IRA Conversions

Allowed (single or joint) and, if married, taxpayers must file jointly. The converted amount is taxed as income, but no penalty applies.

Rollovers

1. Direct Rollover	Lump sum distribution rolled directly from an employer sponsored plan into an IRA Funds cannot be rolled over again until a full year has elapsed Funds remain tax-deferred
2. Indirect Rollover	Taking possession of the distribution from a qualified plan and rolling it over to an IRA or the other qualified plan with 60 day of receipt 20% mandatory tax withholding is imposed on distribution If the 20% is not made up in the rollover amount, it will be taxed as ordinary income and can be subject to a 10% early withdrawal penalty withheld if under age 59½
3. Transfer - Trustee to Trustee	Moving IRA assets from one custodian to or investment vehicle to another IRA Funds remain tax-deferred

Securities and Wealth Management products and services are not deposits, not FDIC insured, not insured by any government agency, not bank guaranteed, subject to risk, and may lose value.