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IRA

Reach your long-term savings goals! Get started today with our high yielding investments. IRAs offer special tax advantages. Share Certificates carry flexible terms, so you decide when your funds will be available.

Traditional IRA Roth IRA ESA

Traditional IRA

Traditional IRAs are potentially tax-deferred retirement plans; you don’t pay taxes on your contributions until you withdraw the funds. Contributions can be made as long as you have earned income and you’re below the age of 70½.

       

 

Yearly Contribution Limits

Tax Year Under 50 Age 50 and over
2017 $5,500 $6,500
2018 $5,500 $6,500

Contribution Deadlines

Current tax year: December 31, 2018
Prior tax year: April 17, 2018

Income Limits for Tax Deductions

Income for Married Filing Joint Income for Single Filer Deductibility
$101,000 or less $63,000 or less Contribution is 100% tax deductible
Between $101,000 – $121,000 Between $63,000 – $73,000 A portion of your contribution is
tax-deductible
$121,000 or more $73,000 or more Your contribution is not
tax-deductible

Roth IRA

With a Roth IRA, you pay taxes now and withdraw the funds tax-free when you retire. Contributions can be made after the age of 70½ without any required minimum distributions as long as you have earned income.

       

 

Yearly Contribution Limits

Tax Year Under 50 Age 50 and over
2017 $5,500 $6,500
2018 $5,500 $6,500

Contribution Deadlines

Current tax year: December 31, 2018
Prior tax year: April 17, 2018

Coverdell Education Savings Account (ESA)

Save for Your Child’s Future

The Coverdell Education Savings Account (ESA) is a custodial account designed to help families save money to pay for a child’s education expenses from kindergarten through college.

Based on income requirements, contributions can be:

  • Make up to the current maximum per year for the designated beneficiary (child)
  • Made if beneficiary is under the age of 18 (or beyond for special needs)
  • Transferred to IRS defined qualified family members if not used by beneficiary
  • Earning generous dividends from Alliant

What Your ESA Savings Can Pay For

Contributions and earnings are tax- and penalty-free, if used for qualified education expenses, which include:

    • Tuition and fees
    • Books and supplies
    • Computer equipment to be used for education
    • Transportation
    • Room and board—only in some cases

To qualify for an ESA, the child must be a member of Greater Alliance FCU.

At Greater Alliance Federal Credit Union, your deposits are federally insured to at least $250,000 by the National Credit Union Administration, a U.S. Government agency. Individual Retirement Accounts are insured up to $250,000 separate from share accounts.

For our current rates please click here. To open an IRA please call 888-554-2328 x280 or stop by any one of our branch locations.

Check out our IRA calculators!