Standard IRA Guidelines - Compensated individuals may contribute until age 70 1/2, when annual distributions become  mandatory.                                                                                                                                                                                      - Maximum contribution amount = $5,000 per year. - Individuals over 50 years of age may contribute an additional $1,000. - Contributions for any given calendar year may be made up to April 15th of the following year. Most contributions may deduct the amount of their contributions (designated for that calendar year) from the taxable income on their 1040 income tax form. - Funds from a Qualified Retirement Plan may be transferred, without penalty, to an IRA. Which means you can roll over/transfer your IRA dollars from a qualified plan into an ICCU IRA without penalty. - Earnings are tax-deferred until distribution, at which time distributed amounts must be claimed as income at tax time. - Penalty-free distributions may be requested beginning at age 59 1/2. - Participants in employer-sponsored retirement plans may still contribute to an IRA.  Consult a tax advisor for deductability information.

 

Roth IRA Guidelines                                                 - Compensated individuals may contribute at and until any age.  - Contributions are not tax deductible.  Contributors may qualify for a tax credit for the calendar year a contribution was made.  Please consult your tax advisor. contributions are post-tax dollars, therefore are not tax deductible. - Penalty-free distributions (withdrawals) of contributions are available at any age. - Maximum contribution is $5,000 per year. - Individuals over 50 years of age may contribute an additional $1,000. - Contributions for any given calendar year may be made up to April 15th of the following year. - Earnings may be distributed without penalty, after five years, beginning at age 59 1/2 (or for qualified exceptions). - No mandatory distribution by age, unlike the standard IRA. - A one time, penalty-free distribution is available for first time home buyers (up to $10,000). - Withdrawals are also penalty-free for other extenuating circumstances, such as disability or death.  Please consult your tax advisor. - Traditional IRA owners may convert existing balance to a Roth IRA; the amount converted must be claimed as taxable income. • Participants in employer-sponsored retirement plans may still contribute to a Roth IRA.

Coverdell Education Savings Account Guidelines (Formerly Education IRA) This is a savings plan designated for a student attending college, in the format of an IRA. - Account must be established before the student reaches age 18, and all contributions must be made prior to the student's 18th birthday. - Maximum contribution is $2,000 per year per student.   - Contributions for any given calendar year may be made up to April 15th  of the following year. - Contributions are not tax deductible. - Earnings grow tax-free.  - Withdrawals are tax-exempt and penalty-free for qualified education expenses. - Funds may be transferred from one child's account to another, assuming they are within  the SAME family.                                                          For more information, contact the Member Service Department  at the Isabella Road office.

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U.S. Savings Bonds

You can purchase and redeem United States savings bonds at either ICCU office.  

In addition, you can set yourself up for online savings bond purchasing
and management through Treasury Direct.  Also, check out Treasurey Direct's Savings Bond Calculator
to see what your bonds are worth or check interest rates.

Treasury Direct • Savings Bond Information • Savings Bond Calculator