West Branch Valley Federal Credit Union has a complete range of IRA options to help meet your savings goals with the added benefit of tax advantages.
- Traditional IRA features tax-deferred earnings. Contributions are based on earned income, with a maximum contribution of $6,000 for people 49 years old and younger and $7,000 for people 50 years old and older. Deposits can be made up until April 15th of the following year.
- Roth IRA contributions are non-deductible however you can withdraw your contributions tax-and penalty free. Earnings may also be withdrawn without a penalty, if certain tests are met. Contributions are based on earned income, with a maximum contribution of $6,000 for people 49 years old and younger and $7,000 for people 50 years old and older. Deposits can be made up until April 15th of the following year.
- Coverdell Education Savings Accounts are established for children under the age of 18 to help pay for higher education expenses. The maximum contribution is $2,000 per year and deposits can be made up until April 15th of the following year.
IRA and Roth IRA Aggregate Annual Contribution Limit
|Tax Year||49 years old and younger||50 years old and older|
- IRA Share Accounts
- Each IRA account must have an IRA Share Account.
- To maintain an IRA, the account holders must be a member of the credit union. (No joint IRA accounts are permitted.)
- Dividends are compounded and will be credited monthly your IRA Share Account.
- Certificate IRAs are also available at a higher rate of return while still protecting your principle balance.
- Minimum deposit of $500.
- Available terms of 6, 9, 12, 24, 36, 48 and 60 months.
- Convenient automatic renewal.
- Dividends are compounded monthly and may be credited monthly to your IRA Share or Certificate Account.
- Early withdrawal penalties will be imposed.
- Any and all deposits, withdrawals, rollovers, transfers to/or from IRA Share Certificates and/or dividends paid on IRA Share Account will be posted directly to the IRA Share Account. (Note all dividends paid on IRA Certificates must be credited to the respective certificates or deposited directly to your IRA Share Account. Subsequently, the IRA account holder can transact from the IRA Share account).
- IRA Funds are insured up to $250,000 by the National Credit Union Association.
- Please consult with your tax specialist to determine which IRA is best suited for you and to determine tax deductibility.
- See one of our IRA Specialists for complete details.