Existing Members
Log into CU Online and click on Self Service. Next click on Open Additional Accounts under the Member Requests section.
Contact the Member Contact Center at 800-475-1150, email us at memberservices@collinscu.org, or stop into any Collins Community CU location.
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 |
| 2017 | $5,500.00 | $1,000.00 |
| 2018 | $5,500.00 | $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- Earnings grow tax-deferred until withdrawn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.
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