ROTH IRA Accounts
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Roth IRA Accounts. Your Future Starts Now.
Whatever your age, finances or saving experience, now is the time for you to get started. Prepare for a comfortable retirement, or reach other major financial goals, with the help of an Individual Retirement Account from your credit union.
Roth IRA Account Forms
Roth IRA Application & Disclosures

Roth IRA Brochure
Roth IRA Beneficiary Change
Roth IRA Direct Rollover
Roth IRA Transfer
Roth IRA Contribution Deposit
Roth IRA Withdrawal
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For more information or to open your IRA, please call our Member Services Department at (847) 670-0456
Traditional & Roth IRA
 2016 & 2017
Contribution Limits
 

Traditional
$5,500, If Age 50 or older $6,500

Roth
 
$5,500, If Age 50 or older $6,500

Modified AGI limits apply, consult IRS Publication 590.

Click here for more information
on Traditional IRA Accounts.

 

ROTH IRA Information
ROTH IRA Overview
Unlike contributions to Traditional IRAs, contributions to Roth IRAs are not tax deductible. Instead, earnings grow tax-free and you pay no taxes when you withdraw the money provided it’s been in the account at least five years and you meet any of the following criteria:
You are over age 59½
You become disabled
You die, and the funds are paid to your beneficiary
Funds are used for a first-time home purchase ($10,000 lifetime limit)
How much can I contribute to IRAs this year? 
Most people can contribute up to $5,500 or 100% of your taxable compensation for the year, whichever is less. The $5,500 limit applies to total contributions to all IRAs in the person’s name (Traditional and Roth). Singles can contribute up to $5,500 annually (for 2016) if income is less than $116,000. Contributions for singles starts to phase out as income reaches above $131,000.Income limits run from $183,000 to $193,000 for married couples filing jointly.With Roth IRAs you don’t have to begin withdrawing money at age 70½, as is the case with traditional IRAs. You can leave your funds in your accounts, and earnings will grow tax free for as long as you like.Can I contribute more if I am 50 years of age or older?
If you reach age 50 before or during the year, you are permitted to play “catch-up” with your retirement savings by contributing up to $6,500 (an extra $1,000) The “catch-up” provisions apply to anyone who meets the age requirement and is otherwise eligible to contribute to an IRA.What if I don’t have $5,500?
The law doesn’t require a minimum contribution. You can start an IRA at METRO Federal Credit Union with as little as $100. If your taxable compensation is under $5,500, you can contribute all or part of it to an IRA.When can I contribute?
You can open an IRA, or contribute to an existing IRA, at any time. In order to apply to a given tax year, contributions may be made from January 1st of that year up to the tax filing day of the following year. The tax filing day is the normal tax deadline, even if you have received an extension beyond that date for filing your tax return. For tax year 2016, you can make contributions until April 15, 2017.

Can I transfer a Roth IRA from another fund company to METRO Federal Credit Union?
You can transfer a Roth IRA, or Traditional IRA, directly from one mutual fund company to another. To directly transfer an IRA from another company to METRO Federal Credit Union, please visit our Resource Center at www.mcu.org and select “IRA Transfer Form.”

What is a rollover?
Examples of a rollover are moving assets from a Roth IRA into another Roth IRA. You cannot roll over money from a 401(k) or 403(b) plan into a Roth IRA, but you may convert your rollover IRA into a Roth IRA if you are eligible to do so. For more information, including rollover contribution time limits, see IRS Publication 590.

We offer exceptional flexibility in meeting your investment needs.  Once you have selected the type of IRA that’s best for you, choose from our two investment options.

 

IRA Savings
arrow  Offer competitive variable rate
arrow  Dividends compounded and paid monthly
arrow  No minimum investment amount
arrow  Additional deposits permitted at any time, up to your maximum yearly contribution
arrow  Payroll deduction deposits
arrow  Available as Traditional and Roth IRA
arrow  Savings federally insured up to $250,000.

 

IRA Certificates
arrow  Offer competitive fixed rates
arrow  Dividends compounded and paid monthly
arrow  $1,000 minimum balance requirement for Traditional and Roth IRAs
arrow  Savings federally insured up to $250,000.

 

All information and examples provided here are for general illustrative purposes only, and are addressed in general to a hypothetical reader, not to you specifically. Tax law is complex, and has many general rules, details, and exceptions, and state and local tax law varies from federal tax law. To learn about federal tax law and rules, details and exceptions concerning IRAs, you should read  IRS Publication 590  “Individual Retirement Arrangements (IRAs)” available at   www.irs.gov or by calling the IRS at 1-800-TAX-FORM (1-800-582-6757). If you have questions and for tax advice, you should consult a financial or tax advisor before acting.