Frequently Asked Questions: IRA savings and IRA CDs

Once you reach age 73, you are responsible for a required minimum distribution (RMD) each year. We will not make a withdrawal from your account unless you make a specific request. We offer services to schedule your payment automatically. Consult with a Citizens Banker to obtain more information.

The date your income taxes are due for that tax year, generally April 15th of the following calendar year.

At any time, but the taxable portion of your withdrawal will become part of your income for the year. In most cases, if funds are withdrawn before age 59 ½, a 10% IRS tax penalty is being applied on the taxable portion of your withdrawal. Certain exemptions may apply, such as the purchase of a first home (up to $10,000), higher education expenses, or disability. Roth IRA accounts must remain open for at least five years and meet one of the exemptions in order to avoid tax penalties.

Once you reach age 73, you are responsible for a required minimum distribution (RMD) each year. We will not make a withdrawal from your account unless you make a specific request. We offer services to schedule your payment automatically. Consult with a Citizens Banker to obtain more information.

Yes, if you are married and filing a joint tax return and your modified adjusted gross income (MAGI) equals or exceeds the combined contribution amount for you and your spouse.