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701 W. 18th St.
Antioch, CA 94509
P.O. Box 2566
Antioch, CA 94531
925-757-0237 |
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IRAs
ASFCU offers all the different IRA options,
- Traditional
- Roth
- Roth Conversion
- Educational (Coverdell Education Savings Account)
For information on the different choices we offer as to how you invest your IRA funds for any of these IRA types, go to Investment Options.
For current rates on IRA Accumulation Accounts, go to Rates/Savings.
For IRA certificate rates, go to Rates/Certificates.
Here is a BASIC description of the differences between the IRA programs.
| 2008 IRA CONTRIBUTION RULES |
| IRA Type |
Contribution Limit |
Contribution
Deadline |
Tax-
Deductible? |
Age
Requirements |
Compensation
Requirements |
Income
Limits |
| Traditional |
$5,000 per year
|
Tax return deadline, normally April 15 of following year |
For some owners
(Taxes will be paid on deductible contributions and earnings upon withdrawal) |
Owner must be under age 70 1/2 for the entire year |
Owner
(or spouse, if filing jointly) must have earned income |
None |
| Roth |
$5,000 per year
(minus any amounts contributed to traditional IRAs) |
Tax return deadline, normally April 15 of following year |
No
(Distributions will be tax-free upon withdrawal if certain requirements are met) |
None |
Owner
(or spouse if filing jointly) must have earned income |
Contribution is phased out for owners with MAGI* of:
Single persons:
$95,000-110,000
Married, filing jointly:
$150,000-160,000
Married, filing separately:$0-10,000 |
| Education |
$2,000 per year per child |
December 31 |
No
(Distributions will be tax-free if used to pay higher-education expenses before the child is 30) |
None
However, the designated beneficiary (child) must be under age 18 |
None |
Contribution is phased out for contributors with MAGI* of:
Individual filers(single or married)
$95,000-110,000
Married, filing jointly:
$190,000-200,000 |
*MAGI is Modified Adjusted Gross Income as reported on the owner's/contributor's tax return.
If you were age 50 or older before 2009, the most that can be contributed to your traditional IRA for 2008 will be the smaller of the following amounts: $6000.00, or your taxable compensation for the year.
For complete details, call, fax, or e-mail us at memberservices@asfcu.org
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