Individual Retirement Accounts (IRAs)

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It’s never too early to begin planning for the future.

A solid financial future begins with the right planning today, including Individual Retirement Accounts (IRAs). Choose between a traditional IRA or a Roth IRA.

DuTrac members of any age are qualified to open a traditional IRA if they’ve earned compensation (wages, salaries, tips, or bonuses) during the year, and/or they are filing a joint income tax return with a spouse who has earned income compensation during the same year.

  • Contributions may be tax deductible
  • Dividends are paid quarterly
  • No minimum deposit amount required for a regular IRA, $1000 minimum deposit required for an IRA Certificate of Deposit
  • Withdrawals are allowed at any time, however any deductible contributions may be taxable and typically subject to penalties if withdrawn before age 59 1/2
  • Required minimum distributions start at age 73

Please check with a tax advisor for your specific situation.

 

DuTrac members of any age are qualified to open a Roth IRA if they’ve earned compensation (wages, salaries, tips, or bonuses) during the year, and/or they are filing a joint income tax return with a spouse who has earned income compensation during the same year. Income limits do apply.

  • Contributions to a Roth IRA are not tax deductible
  • Earnings grow tax free
  • No minimum deposit amount required
  • No required minimum distribution requirements
  • No requirement to withdraw at any age
  • Contributions can be withdrawn at any time with withdrawal of earnings tax and penalty free for a qualified reason

Please check with a tax advisor for your specific situation.

First Community Trust also offer products and services to help grow your money.

The products offered by First Community Trust: are not federally insured; are not obligations of DuTrac Community Credit Union; are not guaranteed by DuTrac Community Credit Union, involve investment risks, including the possible loss of principal; and if applicable, are being offered by an employee who services both functions of accepting members’ deposits and the selling of non-deposit investment products.

All offices closed Wednesday, June 19, for Juneteenth Freedom Day.

All DuTrac branches will be closed on Monday, January 15, in observance of Martin Luther King Jr. day.

All DuTrac branches will be closed on Monday, February 19, for Presidents' Day.

All DuTrac branches will be closed on Monday, May 27, for Memorial Day.

All DuTrac branches will be closed on Monday, December 25, for Christmas Day.

All DuTrac branches will be closed on Monday, January 1, for New Year's Day.

Due to inclement weather, all DuTrac branches will close at 1:00 PM today, January 9. Online banking, AccessLine, ATMs and our app are available 24/7 for your convenience.