Evergreen
Individual
Retirement
Accounts (IRAs)

• Can be set up as an Evergreen Savings or Certificate of Deposit Account
• Maturity notice sent prior to maturity
• IRS Form 5498 is issued in January to show contributions made in the previous tax year and the fair market value of the account
• IRS Form 5498 is issued in May to show contributions made for the previous tax year from January to April 15th of the current year
• IRS Form 1099R is issued in January to show withdrawals in the previous tax year
• IRS Form 1099R is issued in January to show withdrawals in the previous tax year

To Open an Account

• Valid government-issued photo ID
• Social Security Number
• Physical address
• $50 minimum balance to open and maintain
• Must be 18 years of age
• Beneficiary and contingent beneficiary information (name, SSN, DOB, physical address)

Account Type	Tax Advantage**	Trustee Fee	Distributions
Traditional IRA	Might be tax-deductible State and/or Federal tax can be paid at time of withdrawal	$40 per year	Minimum distributions required at age 72½
Roth IRA	Contributions not deductible, interest earned is tax exempt	$40 per year	None
Contribution Limitations*	$6,000 if under age 50 in 2020 & 2021 $7,000 if over age 50 in 2020 & 2021
Early Withdrawal Penalties***	IRS: 10% if under 59½ years of age, unless a qualified distribution Certificate penalties may apply