There are two main types of IRAs: Roth and Traditional. In very general terms, the Roth IRA is a nondeductible IRA, meaning you don’t deduct your IRA contribution from your gross income the year you contribute. Any earnings on your investment are tax-free if taken out after age 59 1/2. The Traditional IRA is a deductible IRA, if you qualify. The money you invest is deducted from your gross income the year you contribute. Any withdrawals from your account after age 59 1/2 are taxed at your current rate at that time.
There are limitations on both of them and penalties may apply on either IRA for early withdrawals (prior to age 59 1/2).
For self-employed 1099 income, there are additional options available. Contact Financial Consultant Gary Ginsberg, registered representative with AIG Royal Alliance Associates, Inc., member FINRA / SIPC, at the Credit Union for more information or to set up a no-fee, no-obligation appointment; 212.869.8926, ext. 315. Or contact your investment advisor or accountant.
|As of 10/30/2014|
- Rates subject to change without notice.
- Regular IRA minimum deposit $250.
- Money Rate IRA minimum deposit $50.
- Substantial penalties for early withdrawal.
- IRAs are insured by the NCUSIF up to a maximum of $250,000.
Download Information on Roth IRAs
Download Information on Traditional IRAs
Download a fillable Deposit Ticket.