IRA ACCOUNTS


Individual Retirement Accounts (IRAs) were created by Congress to encourage individuals to save money for their retirement. Some of the benefits of contributing to an IRA include tax-deferred earnings, income replacement for retirement and, in some cases, an income tax deduction. Spousal contribution rules allow a married individual with little or no earned income to establish a Traditional/Roth IRA. In order to contribute to an IRA, an individual must meet the eligibility requirements. Please see the Quick Reference Chart for more information. Start saving for retirement today with a personal savings plan from the USF Federal Credit Union!

Individual Retirement Accounts offered by USF Federal Credit Union include:

• Traditional and Roth IRA Savings Accounts
• Traditional and Roth IRA Money Market Accounts
• Traditional and Roth IRA Share Certificate IRAs

IRA Frequently Asked Questions

Roth IRA

How Much Can I Contribute?
Do I Pay Taxes on My Earnings?
What Is a Qualified Distribution?
Does the 10 Percent IRS Premature Distribution Apply if I Withdraw My Money Before Age 59 1/2?
What if I Need Access to My Money Now?
When Do I Have to Start Taking Distributions From My Roth IRA?


Traditional IRA

Do I Get a Tax Deduction for My Contribution?
What if I'm Not Eligible for a Deductible IRA Contribution?
When Can I Withdraw Funds From My IRA Without Incurring Any IRS Penalties?
How Are the Funds Taxed at Distribution?
How Do I Open an IRA?
Basic Rules for Determining IRA Deductibility