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Collins Community Credit Union

Traditional 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!

Plan for your future with an Individual Retirement Account (IRA)

The Traditional IRA is a tax-deferred account until withdrawals are made. If you are under 70 1/2 for the entire tax year and have earned income, you are eligible to establish a Traditional IRA.

Who can Contribute?

  • Anyone under age 70 1/2 who has income from compensation (or is filing jointly with a spouse who earns compensation).
  • Anyone who has received a distribution from a qualified retirement plan and decides to move the proceeds of the plan into an IRA.

How much can I contribute? 

Tax Year Under 50 - Years Old Over 50 - Years Old
2022 $6,000.00 $1,000.00
2021 $6,000.00  $1,000.00 

Contributions cannot exceed compensation.

Who can make deductible contributions?

Deductible up to the annual contribution limit:

  • Single individuals not active in employer retirement plans
  • Single individuals active in qualified retirement plans with *MAGI below defined limits
  • Married couples with neither spouse active in an employer retirement plan
  • Married individuals active in qualified retirement plans filing joint tax returns with MAGI below defined limits
  • Married individuals not active in qualified retirement plans filing joint tax returns with spouses who are, as long as MAGI is below defined limits 

*MAGI - Modified Adjusted Gross Income. 

What are the tax advantages?

  • Earnings grow tax-deferred until withdrawn
  • Contributions may be tax-deductible 

When can you withdraw without restrictions?

  • Qualified higher-education expenses
  • First-time home purchases
  • Age 59 1/2
  • Disability
  • Qualifying medical expenses exceeding 7.5% of adjusted gross income
  • Payment to beneficiaries upon the owner's death
  • Payment of health insurance premiums while unemployed for 12 weeks or longer

For more information about Traditional IRAs please contact a Member Service Representative, 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
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