Individual Retirement Accounts (IRA) Traditional IRA First National Bank is pleased to offer this tax advantage account. The 1997 legislation brought some exciting enhancements to the traditional IRA. Consult your tax consultant; it could save you tax dollars! If you are receiving a distribution from your employer's retirement plan, you can roll it over directly into an IRA. You benefit in two very significant ways: You avoid immediate taxation and possible penalties, and Earnings on your retirement dollars grow deferred until withdrawn. Roth IRA Created as part of the Taxpayer Relief Act of 1997 and originally called the American Dream IRA, the new Roth IRA has a lot of people excited, and for some excellent reasons: It has a tax structure unlike that of any other IRA: contributions are post-tax, but growth is tax-free; once you put your money in, you never pay taxes again. It offers simpler distribution requirements: since you have already paid taxes up front, there are no minimum distribution requirements. Since withdrawals are not reportable income, they won't affect your adjusted gross income during retirement. The Roth IRA also has one potential downside: You pay taxes while working rather than when retired, when your tax rate is likely to be lower; so the Roth IRA loses one of the advantages of the traditional IRA. Come in today and ask a customer service representative about our IRAs. Products & Services | Online Services | Information Desk | Contact Information | Our Community | What's New HOME First National Bank of Carrollton, Kentucky