IRA Accounts

United Community Credit Union offers a variety of Individual Retirement Account (IRA) to assist you in retirement planning.

Certificates of Deposit IRA (Traditional IRA)

  • 1,000.00 Minimum deposit to open
  • Dividends are compounded quarterly

There is a penalty for early withdrawal of funds.

Savings IRA ( Traditional, Roth, Cloverdale)

  • No Minimum Opening Balance
  • Dividends are compounded quarterly paid quarterly
  • Monthly deposits can be made through payroll deduction, direct deposit or through the teller.

New Rules for Roth Conversions

Starting in 2010, anyone who has a Traditional IRA, a Qualified Retirement Plan (QRP) Account, a 403(b) Plan Account or a Governmental 457(b) Plan Account can convert money from these plans to a Roth IRA, regardless of income or tax-filing status.

Special Tax Rules Apply to 2010 Conversions

The taxable portion of IRA and retirement plan conversions is normally subject to income tax in the year the money leaves the traditional IRA or retirement plan, but special tax rules apply to 2010 conversions.  Unless the IRA owner elects otherwise, the taxable income resulting from a Roth conversion in 2010 is not subject to tax in 2010; instead the IRA owner will include one-half in her taxable income for 2011 and one-half in her taxable income for 2012.

Check with your tax advisor before you elect your taxable income year(s).

IRA, ESA Contribution Limits

 Traditional and Roth IRS Aggregate Annual Contribution Limits

Tax Year Annual Contribution Limit Additional “Catch-Up Contribution For Owners Age 50 & Older
2012 $5,000.00 $1,000.00 ($6,000 total)
2013 $5,500.00 $1,000.00 ($6,000 total)

Coverdell ESA Annual Contribution Limits Per Child

Tax Year Annual Contribution Limit  
2012 $2,000.00  
2013 $2,000.00  
This credit union is federally insured by the National Credit Union Administration.
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