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Individual Retirement Account (IRA)

Coosa Pines Federal Credit Union offers Roth, Education, and Traditional IRA's to help you invest for the future.

Contributions to Roth and Education IRAs are not tax-deductible; however the earnings may be tax-free if the funds are used for certain purposes as established by the IRS. A Traditional IRA defers federal income taxes on the earnings. Contributions may be tax-deductible. Contribution limits and tax-deferred amounts are dependent upon your adjusted gross income and participation in other qualified plans.

You may make contributions at anytime during the year. You may also set up automatic payroll deduction for a systematic savings program. We accept rollovers, transfers and lump sum distributions from qualifying retirement plans.

IRA dividends are declared and paid quarterly. Penalties exist for early or unqualified withdrawals.

The NCUA insures individual and joint accounts up to $100,000. Individual Retirement Accounts (IRAs) are insured by the NCUA up to $250,000. In addition to the NCUA insurance, Coosa Pines FCU provides $250,000 coverage through Excess Share Insurance. With the combination of NCUA and ESI coverage member accounts can now be insured up to $1.2 million, depending on how you structure your deposits.

Improve Your Savings Plan with IRA Enhancements


IRA Share Certificates
The IRA Share Certificates will carry the same rates and maturities as our regular Share Certificate Accounts.


Contribution Limits
Tradtional and Roth IRA Aggregate Annual Contribution List
Tax Year
Individual
Contribution Limit
Spousal
Contribution Limit
(Split between Spouses)
Additional "Catch-Up"
Amount For Owners
Ages 50 and Older
2004
$3,000
$6,000
$500 ($3,500 total)
2005
$4,000
$8,000
$500 ($4,500 total)
2006
$4,000
$8,000
$1,000 ($5,000 total)
2007
$4,000
$8,000
$1,000 ($5,000 total)
2008
$5,000
$10,000
$1,000 ($6,000 total)






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