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IRA

Accounts

Individual Retirement Accounts

IRAs - Just Another Way To Save!


IRA Type Who Can Contribute?
Traditional
  • Anyone under age 70 1/2 who has income from compensation (or who is filing jointly with a spouse who earns compensation)
Roth
  • Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following modified adjusted gross income from the federal tax form.
    • Up to $95,000 (single filers)
    • Up to $150,000 (joint filers)
  • Reduced contributions allowed for higher incomes (up to $110,000 for single and $160,000 for joint filers.)
Educational
  • Same eligibility requirements as the ROTH IRA, except that the contributors income does not have to come from compensation
  • Contributions not allowed:
    • Once the designated beneficiary of the Education IRA reaches age 18
    • In any year that a contribution is made to a state tuition program for the same IRA beneficiary
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.Equal Housing Lender