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Collins Community Credit Union

Traditional IRA's

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  • Earnings grow tax-deferred until withdrawn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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