Close

Collins Community Credit Union

Roth IRA's

Looking for your year-end Tax Documents? All paper copies will be mailed to your primary address on file by January 31, 2023. Thank you for your membership!

Save for your future with a Roth IRA

The Roth IRA is a nondeductible account that offers tax-free withdrawals with certain criteria after the five-year holding period. As long as you have earned income, you are eligible to establish a Roth IRA.

Who can contribute?

You are eligible if you earn compensation and your MAGI (Modified Adjusted Gross Income) is less than the defined limits set by Congress.  If your MAGI is too high to contribute the annual contribution limit, you may be able to make a smaller contribution.

How much can I contribute?

Tax Year Under 50 - Years Old Over 50 - Years Old
2022 $6,000.00 $1,000.00

 Contributions cannot exceed compensation.

What are the tax advantages?

  • Earnings are tax-deferred and withdrawals are tax-free if the account is open for five tax years, and withdrawals are for a qualified reason (age 59 1/2, disability, death, or a first-time home purchase**)
  • Not required to start withdrawals at age 70 1/2

When can I withdraw without restrictions?

  • Regular contributions can be withdrawn tax-free and penalty-free at any time
  • After the account has been open five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age 59 1/2, disability, death, or first-time home purchase**

For more information about ROTH IRAs, please contact a Member Service Consultant, a Collins Wealth Management Group advisor, or First Community Trust.

A transfer fee will be charged on all transfers out of the account as listed on the Fee Schedule. This fee may be waived for certain transfers.

What's New

  • 2022 Virtual Annual Meeting

    07 October 2022
    Collins Community Credit Union's Annual Membership Meeting will be held virtually on Wednesday, November 9, 2022 at 5:30 p.m. CST. We can't wait to have you join us! Learn More
  • New Credit Card Management System Coming Soon!

    06 September 2022
    We're pleased to share we will be launching a new, easy-to-navigate system for accessing and managing your credit card information. Learn More
  • Online Safety: Zelle Fraud Alert

    07 July 2022
    Recently, there has been an uptick in the number of scams targeting users of person-to-person payment systems like Zelle. It's important that our members are educated and aware of these scams in order to avoid falling victim to their latest tricks. Learn More
  • 1st Avenue Branch Relocating Soon

    15 April 2022
    Collins Community Credit Union is pleased to announce its new full-service branch, located at 1800 1st Avenue NE, will open on Monday, April 25, 2022. Learn More
View All What's New