IRAs
Opening an Individual Retirement Account (IRA) at DuTrac can provide financial security during your retirement - and may save you tax dollars today. You may invest in an IRA share account or in one of our Certificates of Deposit (CDs).
*DuTrac Community Credit Union does not provide tax or legal advice. You should contact your tax or legal advisor for advice regarding your situation.Coverdell Education Savings Account:
Allows you to save for your child’s future educational needs. The amount deposited is not tax deductible, but earnings grow tax-free. There are no taxes or penalties on withdrawals when used to pay for qualified educational expenses.Traditional IRAs:
Are beneficial from a tax savings standpoint, as your contributions may be tax deductible. Qualifying persons are under the age of 70 1/2 having earned compensation (wages, salaries, tips, bonuses, or any other amount received from performing duties) during the year that they want to contribute and/or must be filing a joint income tax return with a spouse who has earned income compensation during the year are eligible for a Traditional IRA. In addition, members 50 years of age and over can make an additional $1,000 catch-up contribution.Roth IRAs:
Contributions are not tax deductible. Members age 50 and over can make an additional $1,000 catch-up contribution. This type of IRA is more flexible in that earnings can be withdrawn penalty free when:
- The funds have been in the account at least five years.
- You are older than 59 1/2.
- You become disabled.
- You die and it’s paid to your beneficiary.
- You use the money for a first-time house purchase. ($10,000 lifetime withdrawal limit)
- Withdrawals of principle balances can be withdrawn anytime.
- Income qualifications apply - please contact DuTrac for details.
For contribution limits, or if you have further questions regarding DuTrac Community Credit Union’s products or services, please contact one of our highly qualified financial services consultants by e-mail at members@dutrac.org, in person at any of DuTrac’s convenient locations or by phone at (563) 582.1331, or (800) 475.1331.
