Roth IRA Accounts
With a Roth IRA, your contributions are not tax deductible, but your earnings are tax exempt. Minimum balances are $5 for an IRA Share Savings account and $500 for an IRA Share Certificate account. Funds are insured separately from regular savings, up to $250,000 by NCUA, and there are no maintenance fees.
Contributions
- Allowed at any age
- Must be from earned income
- Funds may remain on deposit past age 70 1/2
- Limits are set by the IRS and reviewed each year
- Savers age 50 and over may make catch-up contributions
Withdrawals
- Flexible withdrawal options
- Contributions may be withdrawn without penalties or tax liability
- Earnings may be withdrawn after five years if one of the following conditions apply:
- Qualified higher education expenses
- First-time home purchase
- Disability
- Payment of health insurance premiums while unemployed for 12-weeks or longer
- Payment to beneficiaries upon owner's death
Please note: Contribution limits and penalties are governed by federal law. Your tax professional is the best source of information about your individual situation.
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