If you are eligible based on MAGI limits (see chart), you can contribute 100 percent of your annual compensation up to $6,000 for 2020/2021 (plus $1,000 if, within the tax year you will be age 50 or older). The contribution limit is subject to annual cost-of-living adjustments (COLAs).
You can name beneficiaries to receive your Roth IRA assets after you die. Any tax-deferred money in your Roth IRA at the time of your death will be taxable to your beneficiaries upon distribution, unless five years has passed since the first time you contributed to a Roth IRA. In that case, all beneficiary [...]
Unless it's a qualified distribution, a 10% early distribution penalty tax will apply.
You've owned a Roth IRA for five years or more, and you are either: Age 59 1/2 or older Disabled A first-time home buyer A Roth IRA beneficiary
You will get the most out of your Roth IRA at retirement, but you can withdraw the money from your Roth IRA anytime. There may be income and penalty tax depending on what type of funds are in the distribution (contributions, rollovers, or earnings.) If you have a qualified distribution, all withdrawals are tax [...]
Yes. This is considered a conversion and is generally a taxable transaction. Any deductible (pretax) Traditional IRA assets that are converted to a Roth IRA must be included with your taxable income on your federal income tax return for the year the conversion takes place. Please consult with a tax advisor before converting. [...]
Eligible assets from most retirement plans, such as a 401(k), can be rolled over to Roth IRAs. Check with your plan administrator. However, you are not allowed to roll Roth IRA money to an employer-sponsored retirement plan.
Yes, your participation in a retirement plan will not affect your eligibility to contribute to a Roth IRA, and vice versa.
Yes, but the contribution amounts that you make to both types of IRAs for the same year cannot total more than your annual contribution limit.
No, Roth IRA contributions are not deductible.
| M – F | 9:00am – 4:00pm |
Phone: (315) 671-4000
Text Us: (315) 671-4000
Fax: (315) 671-4030
[email protected]
Lost or Stolen VISA Credit Card?
Consumer (Personal) Credit Cards
1-800-558-3424
Business Credit Cards
1-866-552-8855
**The Supervisory Committee DOES NOT handle member accounts or inquiries.**
Do not email:
To contact Money Federal Credit Union’s Supervisory Committee, email [email protected]
To obtain the Supervisory Committee’s mailing address, please call the Credit Union at (315) 671-4000.
External Link Disclosure – By accessing the link below you will be leaving the Credit Union web site and entering a web site hosted by another party. We encourage you to read and evaluate the privacy and security policies on the site you are entering, which may be different than those of the Credit Union.
E-Gift card is emailed directly to your recipient when we process your order
They can use it online anywhere VISA is accepted (cards cannot be used in person at physical stores)
$2 fee per card – lower than most physical gift cards!
Complete one form per recipient
Use their MOBILE number as this is needed during the card activation process
