Invest Your Refund, Increase Your Retirement Funds With a State Farm® Individual Retirement Account (IRA)
A little planning at tax time may make a big difference in your retirement. Whether you're looking to invest your tax refund for the future, or to reduce your taxes for 2016, State Farm can help.
Invest your Tax Refund
A tax refund is an opportunity to take money you probably didn't even know you had and use it for an investment in the future. Investing your refund in a State Farm IRA lets you accumulate earnings on a tax-deferred basis.
Lower Your 2016 Tax Bill
Besides adding to your retirement income, contributing to a State Farm Traditional IRA before April 15, 2017 may lower your 2016 federal tax bill. You won't pay federal income tax on earnings or contributions until you begin withdrawing, usually after you retire and are possibly in a lower tax bracket.
Neither State Farm nor its agents provide tax or legal advice.
If tax, investment, or legal advice is required, please seek the services of a licensed professional.
A 10 percent tax penalty may apply for withdrawals from tax-qualified products before age 59 1/2.
For Traditional IRAs, deductibility of contributions affected by participation in Employer retirement plan. Roth IRA has income phase out limits.
State Farm Bank, F.S.B., Bloomington, Illinois offers deposit and loan products. Other insurance, securities or investment products are offered by affiliate companies.
State Farm Bank ("Bank") is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and may be subject to investment risk, including possible loss of principal invested. The Bank encourages any interested individual(s) to submit an application for any product(s) offered by the Bank. We also encourage you to obtain information regarding the Bank's underwriting standards for each type or credit or service offered by visiting statefarm.com® or by contacting the Bank at 877-SF4-BANK (877-734-2265). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services. To apply for a Bank product, you may also see your participating State Farm agent.