A white egg in a nest on a white background with the word IRA on the egg.Have you considered an IRA?

Make Convenient And Consistent Contributions Through Payroll Deductions. Contribute The Maximum Amount By Making Smaller, Regular Payments.

Contact The Credit Union To Set Up Your Payroll Deductions Today!!

IRA Comparison Chart 2015


 


ROTH IRA


TRADITIONAL IRA


Who can contribute?

Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following MAGI*
Up to $116,000 (single filers)
Up to $183,000 (joint filers)

Reduced contributions allowed for higher incomes (up to $131,000 for single filers and $193,000 for joint filers)

Anyone under age 70 ½ 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?

$5,500 for 2015
$6,500 if age 50 or older
Contributions cannot exceed compensation

$5,500 for 2015
$6,500 if age 50 or older
Contributions cannot exceed compensation




Who can make deductible Contributions?

No one can deduct contributions

Deductible up to annual contribution limit

Single individuals not active in employer retirement plans

Single individuals active in employer retirement plans with MAGI* of less than $61,000 for 2015

Married couples with neither spouse active in an employer retirement plan

Married individuals active in employer retirement plans with joint tax returns showing MAGI* of less than $98,000 for 2015

Married individuals not active in employer retirement plans with spouses who are, as long as MAGI* is $183,000 or less




What are the tax advantages?

Regular contributions can be withdrawn tax-and penalty-free at any time

Earnings are tax-deferred and withdrawals are tax-free after the account has been open five tax years, earnings can be withdrawn for any of these qualified reasons: age 59 ½, disability, death, or first time home purchase**

Not required to start withdrawals at age 70 ½

Earnings grow tax-deferred until withdrawn

Contributions may be tax-deductible




When can I withdraw without restrictions?

Earnings are tax-free if account is open for five tax years and withdrawn for a qualified reason (age 59 ½, disability, death, or a first time home purchase**)

Withdraw penalty-free for any of the following reasons:

  • Qualified higher-education expenses
  • First-time home purchase**
  • Age 59 ½
  • 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

* MAGI: Modified Adjusted Gross Income from the federal tax form
** Lifetime limit for exception on a first-time home purchase is $10,000
*** Formally known as the Education IRA
NOT INTENDED AS TAX ADVICE. PLEASE CONSULT A TAX PROFESSIONAL.

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We do business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act.

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Your savings federally insured to at least $250,000, and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.

Sharon L., President NMLS# 456126 Jenifer N., VP NMLS# 807505 Bakers FCU Routing No: 304087567

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Baker's Federal Credit UnionBaker's Federal Credit Union 11117 John Galt Blvd # B Omaha, NE 68137 Open 8:30-5:00 M-F Closed Sat-Sun

Call the Credit Union 402-339-6755

Notice to Customers: Federal law requires that customers for certain transactions be identified by Name, address, government-Issued identification and other relevant information. Therefore, customers may be asked to provide information and identification to comply with the law.

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