Open your IRA with as little as $5. There is no minimum deposit required each year. Add to your IRA through payroll deduction, multiple deposits or one single contribution.
IRA Investments are available as IRA Savings or Certificates.
Upstate FCU offers Traditional, Roth, and Education IRAs. * Consult your tax advisor for individual tax advantages and consequences.
We recognize that tax laws are subject to change often and believe the information to be correct. Members should consult their tax advisor for current tax law information and discuss their individual tax circumstances prior to making decisions regarding IRA accounts.
Anyone under age 70 ½ who has income from compensation (or who is filing jointly with a spouse who earns compensation) can contribute to a Traditional IRA. The contribution limit is up to $5000.00. (Higher limit if age 50 or older; cannot exceed compensation). Contributions may be deductible.
Traditional IRA earnings grow tax deferred until withdrawn. No IRS penalties for withdrawals for the following reasons:
- Qualified higher education expenses
- First time home purchase
- Age 59 ½
- Qualifying medical expenses exceeding 7.5% of adjusted gross income
- Payment to beneficiaries upon owners death
- Payment of health insurance premiums while unemployed 12 weeks or longer.
Consult you tax adviser for your individual circumstances.
Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following modified adjusted gross income:
Up to $95,000 single filer
Up to $150,000 joint filers can contribute to ROTH IRA.
Regular contributions can be withdrawn tax and penalty free at any time. After the account has been open five tax years, earnings can be withdrawn tax and penalty free for any of these reasons: age 59 ½, disability, death, or a first time home purchase. (Lifetime limits apply)
EDUCATION IRAs (Coverdell Education Savings Plan)
Members can contribute up to $2000 per child to save for education expenses. Qualified education expenses may include tuition, books, computer equipment, and technology required for elementary, secondary, and post secondary education.
Funds may be transferred from one child to an account for another child in the family.