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Viriva Community Credit Union

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IRAs

iras.jpgThe credit union has two types of Individual Retirement Accounts (IRAs) to choose from:

IRA Share
Accumulation Account		   IRA Certificate
     
  • Open with as little as $5.00
  • Make periodic deposits
  • Earn dividends while you save for your IRA
  
  • Choose from Traditional, Roth or a Coverdell
    Education Savings Account
  • Open with as little as $500.00
  • Make catch-up contributions (if age 50 or older)

Traditional IRAs

Roth IRAs

Coverdell Education Savings

IRA Share Accumulation Accounts

Calculators & Applications

  How much can
I contribute each year?
Traditional

2009 & 2010: up to $5,000 per year
Persons over 50 may be able to contribute more; contributions may not exceed annual compensation.

Roth

2009 & 2010: up to $5,000 per year
Persons over 50 may be able to contribute more; contributions may not exceed annual compensation.

Coverdell ESA* Up to $2,000 per child, per year.

 

  Are these contributions tax-deductible?
Traditional Yes, if neither you or your spouse is already enrolled in a retirement plan that is employee-sponsored. Partial deductions for those enrolled in retirement plans may be available - consult your tax adviser.
Roth No, these contributions are not tax-deductible. However, regular contributions can be withdrawn tax and penalty free at any time.
Coverdell ESA* No, these contributions are not tax-deductible.

 

  Do I have to pay taxes on my dividend earnings?
Traditional Yes, but not until you withdraw the funds, allowing the earnings to grow tax-deferred.
Roth No, if the account is active for five years and funds are withdrawn for a qualified reason.
Coverdell ESA* No, provided the funds are used for the child's qualified education expenses.

 

  How long can I make contributions?
Traditional

Up to age 70 1/2

Roth Contribute as long as MAGI (modified adjusted gross income) does not exceed state limitations.
Coverdell ESA* Contribute until the child reaches age 18.

 

IRA information not intended as tax advice.  Please consult a tax professional. *Coverdell Education Savings Account

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