If you prefer to pay taxes now, rather than later, a CRCU Roth IRA is the right choice for you. Your earnings still grow tax free! If you meet the qualifications, this investment could be free of taxes when you retire.
- There is no IRS age limit for contributions or age requirement for distributions by participant
- You can withdraw contributions from your Roth IRA (excluding conversions) anytime
- Because you are investing after-tax dollars today, your investment will grow tax-free
To get started, contact a CRCU Personal Financial Officer for more details.
Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following MAGI - Modified Adjusted Gross Income:
- Up to $95,000 (single filers)
- Up to $150,000 (joint filers)
Reduced contributions are allowed for higher incomes (up to $110,000 for single filers and $160,000 for joint filers).
Contributions (not earnings) can be withdrawn at any time tax-free. Contributions to a Roth and/or Traditional IRA are limited to a combined $5,500 per year, including contributions for a non-working spouse (or, if you're 50 or older by the end of the year, you may add another $1,000). Contributions are not tax-deductible. Consult your tax advisor about IRA eligibility, contribution qualifications and earnings.