One of Oak Bank’s customer service representatives can assist you in opening an individual retirement account and the requirements for doing so. You will need to determine which type of account you want to open, a Traditional or Roth, and if you qualify based on IRS guidelines. Your Modified Adjusted Gross Income (MAGI) is an income tax term that refers to the amount used to calculate your annual income tax liability. It’s also used to determine whether or not you’re allowed certain tax benefits.
Posted in: IRA Account FAQs