U$X Federal Credit Union offers Traditional, Roth and Coverdell Educational IRA certificates for your investing needs. All IRA’s feature very competitive rates and the service you have come to expect from your credit union.

The following is a brief description of each IRA investment product offered by U$X Federal Credit Union.

IRA Savings Account

These accounts are a great vehicle for accumulating funds in your IRA.

  • Available for Traditional and Roth IRAs as well as Coverdell Educational IRAs.
  • No minimum deposit to get started.
  • Contributions can be made through direct deposit or payroll deduction.
  • Withdrawals are not complicated by any account term limitations.
  • All Annual Percentage Yields (APY) are based on monthly compounding and crediting of dividends.
See description below for relevant limitations based on type of IRA program.

Traditional IRA Certificate

  • Minimum deposit of $500 (*).
  • Invest in a 12, 24, 36, 48 or 60 month term share certificate.
  • Qualifications: Participant must have earned income and not have reached age 70 1/2 by the end of the year.
  • Maximum Contributions: Individual/Spousal IRA contribution maximum in 2008 and after $5,000** .
  • “Catch Up” Contribution: For people 50 years old and older is $1,000 in 2008.
  • Tax Status of Earnings: All money deposited and earnings are compounded without tax until withdrawn.
  • Contribution Restrictions: Apply if you are an active participant in your employer retirement plan. Contribution phase out in 2008 between $53,000 - $63,000 for Singles, $85,000 - $105,000 for Married Couples filing jointly, and $0 - $10,000 for Married filing separately.
  • Tax Deduction: Contributions up to the limit are fully tax deductible if you are not an active participant in a retirement plan.
  • Penalties for Early Withdrawal: 10% IRS Penalty for early withdrawal may apply. Exceptions are as follows: Over 59 1/2, death or disability, qualified medical expenses, certain health insurance, qualified college expenses, first time home purchase (up to $10,000), due IRS levy and periodic payments
  • U$X FCU early withdrawal penalty may also apply.
  • Required Distributions: Must begin by April of the following year the participant turns 70 1/2.
  • Contributions after age 70 1/2 are not allowed.

Roth IRA Certificate

  • Minimum deposit of $500 (*).
  • Invest in a 12, 24, 36, 48 or 60 month term.
  • Qualifications: Participant must have earned income. No age restrictions.
  • Maximum Contributions: Individual/Spousal IRA contribution maximum in 2008 is $5,000**.
  • “Catch Up” Contribution: For people 50 years old and older is $1,000 in 2008.
  • Tax Status of Earnings: May be taxable, must fall within withdrawal guidelines.
  • Contribution Restrictions: Yes. Contributions phase out in 2008 between $101,000 - $116,000 for Singles, $159,000 - $169,000 for Married Couples filing jointly, and $0 - $10,000 for Married filing separately.
  • Tax Deduction: No tax deduction.
  • Penalties for Early Withdrawal: 10% IRS Penalty for early withdrawal may apply. Exceptions are as follows: Over 59 1/2 years of age and IRA must be open for 5 years or longer , death or disability, qualified medical expenses, certain health insurance, qualified college expenses, first time home purchase (up to $10,000), due IRS levy and periodic payments
  • U$X FCU early withdrawal penalty may also apply.
  • Required Distribution: Only after death of participant.
  • Contributions after age 70 1/2 are allowed.
  • Minimum deposit of $500 (*).
  • Invest in a 12, 24, 36, 48 or 60 month term.
  • Qualifications: The designated beneficiary must be an individual under the age of 18, excluding participants with special needs.
  • Maximum Contributions: In 2008 contributions up to $2,000 per beneficiary.
  • Contribution: Contributions do not count against the limits for IRAs.
  • Tax Status of Earnings: Earnings grow tax-free. Restrictions may apply.
  • Contribution Restrictions: Yes. Contributions phase out between $95,000 - $110,000 for Singles and Married Couples filing separately, and $190,000 - $220,000 for Married filing jointly.
  • Tax Deduction: No tax deduction.
  • Penalties for Early Withdrawal: No penalty for early withdrawal if for payment of qualified education expense, including elementary and secondary schools (K-12th).
  • Required Distribution: Required distribution must be complete 30 days after beneficiary reaches age 30 or dies.

*Higher deposit interest rates apply to deposits of $10,000
and $25,000 or more. Rates are reviewed monthly, follow
the rate link to find current rates.

**May be adjusted annually for inflation in $500 increments as determined by the IRS.

For questions or assistance please contact a Member Service Representative at 1-888-219-3159 or Click the Contact Us link.

Your IRA savings federally insured up to $250,000 and backed by the full faith and credit of the United States Government.

 

 

 

 
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Your savings are federally insured up to $100,000 We do business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act Copyright © 2007, USX Federal Credit Union ™ is a Trademarked symbol, patent pending and may not be used or replicated without permission.  All rights reserved. Privacy Policy - Website Disclosure. Site design, maintenance, and hosting by GalaxyPlus Credit Union System.