IRA Accounts
Retire in style by earning great rates with a Utah First IRA account.
Traditional or Roth?
Traditional and Roth Individual Retirement Arrangements (IRA) offer different benefits. Call 800-234-0729 for help in determining which product is right for your situation.
Traditional IRA.
With our Traditional IRA you can save up to $5,000 every year until you are 70-1/2. Couples can contribute up to $10,000 each year. However, your yearly deposit total cannot exceed your earned income. At 70-1/2, you must begin to withdraw your money, but you can also begin to withdraw without a penalty as early as 59-1/2. You'll earn tax-deferred, compounded interest on your Traditional IRA until you withdraw your money. Check with a tax professional for full tax details.
Roth IRA.
The Roth IRA differs from the Traditional IRA because the money deposited is after-tax, meaning it won't change the income you report on your income tax forms and is not tax deductible. You can contribute up to $5,000 every year until you are 70-1/2. Couples can contribute up to $10,000 each year. However, your earnings accrue tax-free if you meet certain requirements. Check with a tax professional for full tax details.
The Roth IRA has another great benefit. After the account has been held for five years, you can withdraw the entire amount tax-free in the following situations:
- You are 59-1/2 or olderCoverdell Education Savings Account.
The Coverdell Education Savings Account is a great way to save for education. With this account, parents and grandparents may save up to $2,000 per year for each child under 18 years of age. Here are the highlights…
- Money deposited into a Coverdell Education Savings Account is not tax deductible.
- Money can be withdrawn without penalty as long as it is used for qualified higher
education expenses.
- Qualified withdrawals are tax-free, if withdrawn by the time the child reaches age 30.
- You may be able to transfer the money to another child under the age of 18.
- Check with a tax professional for full tax details.
IRA Questions?
Navigating the IRA world can sometimes be overwhelming. Call us with any questions 800-234-0729.
Good news: Your savings are federally insured to at least $250,000 by the National Credit Union Administration, a U.S. Government Agency. Traditional and Roth IRAs are separately insured to at least $250,000. Utah First can help you organize all your deposit accounts for even more protection. Call 800-234-0729 today.