Individual Retirement Account
- $2,000 minimum investment
- No setup fee
- Low annual fee, no fee for Gold and Sapphire members
- No fee for incoming transfers or rollovers from an IRA or 401(k)
- IRAs are insured up to $250,000
If you have a 401(k) from a previous employer or are retiring, there is generally a deadline to rollover the funds in order to keep its tax-deferred status.
2019-20 Maximum Traditional or Roth IRA Contributions
2019-20 Maximum “Catch-up” Contribution
$1,000.00 if IRA owner is 50 or over
- Direct Transfer - Unlimited direct transfers, which move IRA funds from one IRA to another, requires no IRS reporting.
- Direct Rollovers - Funds withdrawn from qualified plans to be put in an IRA are reported to the IRS but allows the member to avoid the mandatory 20% withholding that would take place if they took cash distribution. Direct distribution from a qualified plan may be placed in an IRA.
Please consult your financial advisor on your maximum annual contributions.
Contact your Certified IRA Specialist
For more information on our IRAs, please contact [email protected] or call 307-432-5861.
Information on the Coronavirus Aid, Relief and Economic Security (Cares) concerning IRAs
- The Federal Income Tax deadline to file 2019 returns has been extended from April 15th to July 15, 2020.
- IRA owners can still make 2019 normal contributions up to the new tax deadline date of July 15, 2020.
- Required Minimum Distributions (RMD’s) for 2020 have been waived for those taking them from their Traditional IRA’s now and for those who turn 72 this year who have to start taking RMD’s you will be allowed to wait until 2021 to take your first payment.
If you have your Required Minimum Distribution setup up to be disbursed by the CU please contact 307-432-5861 to speak to our IRA Certified Specialist II Lynn Hagen if you have made the decision to not take the Required Minimum Distribution (RMD ) for 2020. If you have decided to still take your Required Minimum Distribution (RMD’s ) for 2020 you do not need to contact the credit union and your payments will be disbursed automatically as usual.
To read more information on this act refer to the www.IRS.gov website, we also recommend you seek out your tax advisor to see if this waiver is beneficial to your situation.