Newspapers / West Craven Highlights (Vanceboro, … / Jan. 7, 1982, edition 1 / Page 5
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West Crawn Hlohllohtt. Janaurv 7.1962, Page 5 NOWHXJ CANMAKEA XAX'DEDlXmHUE CXmiUBUIK»4 IDVOORmF. T he new tax law makes it possible for you to deposit up to $2,000 a year in a Wachovia Individual Retirement Account and deduct it from your taxable income... even if you are presently covered by a company retirement program. You can deposit the money in large or small amounts, as often as you choose, whenever you choose. Your interest is based on money market rates and it accumulates tax-free until you start making withdrawals. When you begin withdrawing from your account, each withtowal will be taxed as ordinary income. Of course, the law requires penalties on withdrawals before you reach age 59^/2^ What it all adds up to is an opportunity for any employed individual to put something aside for the future, and reduce his or her income taxes at the same time. Here’s haw much aWsi^ovia IRA can reduce your taxes. Ifyourl982 taxable income isj approximately: Your tax brackets probably are: If you put $2000 into a Wachovia IRA, you can probably reduce your 1982 income taxes by: If your working spouse also contributes I $2000.together i you can probably 1 reduce 1982 J taxes by: M Federal North Carolina $20.000 22'? n REDUCTION %16ol REDUCTION ^ $29,000 29'? ?■? ^720 REDUCTION $M40 REDUCTION $39,000 39'? 7'? mo REDUCTION %840 REDUCTION $64,000 49'? 7'? ^1420 REDUCTION ^240 REDUCTION I'he above examples are based on the most recent IKS and N, C. tax information availabit assuming a married couple filing a joint return wIkj do not itemize deductions. Wliile deposits to an IKA are tax-deductible in the year they are made, these funds are taxed as ordinary income when they are withdrawn from Iheacctmnt. Substantial tax penalties required for withdrawals prior to age Kederal regulations also require a substanti; Interest penalty for early withdrawal of a time deposit. You can start earning tax-deferred interest right now. Deposits to your Wachovia Individual Retirement Account start earning interest from the day you open your account. Yet you pay no taxes on that interest— or your deposits—until you begin your withdrawals. And if, like most people, you begin withdrawals when you retire, you will probably be in a lower tax bracket. Why not see a Personal Banker this week about open ing a Wachovia I. R. A. ? And start enjoying your tax break note. Wachovia Bank&Trast
West Craven Highlights (Vanceboro, N.C.)
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Jan. 7, 1982, edition 1
5
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