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IRAs

You can't depend on Social Security and pensions to bankroll your future. That's why you need to build your personal savings with a WV Central Credit Union IRA.

IRAs are tax-deferred savings accounts with deposit and withdrawal limitations. Payroll deduction is used to build on your account. Direct transfer and rollovers from other qualified plans are accepted. Dividends are compounded and credit on the 30-day accounts monthly.

IRA Certificate accounts with a minimum deposit of $1,000.00 are also offered with terms of 6, 9, 12, 15, 18, 21, 24, or 36 months. Check with the Credit Union for potential special terms
and rates.

The Taxpayer Relief Act of 1997 created a variety of new IRA options. Not only did it change rules for the traditional IRA, but it also introduced the Roth and the Education IRAs.

To help you understand the basic differences among these IRAs, here's an overview for each type of account:

Education IRA

Parents and other interested persons may be able to establish an Education IRA for a child under the age of 18. Contributions to the account are not tax-deductible, but the earnings will be tax-free if used for qualified higher education expenses.

You are eligible to contribute to an Education IRA:

  • if you and your spouse file a joint tax return and have a joint MAGI of $150,000 or less, or, 
  • if you file a single return and your MAGI is $95,000 or less. Those with higher incomes may qualify for reduced contributions. 

You aren’t eligible to contribute if you make a contribution to a qualified state tuition program during the year.

CONTRIBUTIONS AND WITHDRAWALS

Contributions cannot exceed $500 per child per year. If parents, grandparents, and others have each set up an account for the same child, their combined contributions cannot exceed $500 per child per year. 

Withdrawals from an Education IRA are tax-and penalty-free, provided the child’s qualified higher education expenses equal the withdrawals from the Education IRA for that year. Otherwise, any withdrawal of earnings from the account is taxable and a 10% penalty tax may apply.

Funds can be transferred from one child's account to another child in the family.

Roth IRA

The Roth IRA offers unique and exciting savings opportunities.  Not only can it help with retirement needs, but also a first-time home purchase or other financial goals.  This flexibility makes the Roth IRA appealing to all different age groups.  Although it's not a one-size-fits-all solution, the Roth IRA will give many people an easy and safe way to plan for the future.

Individual Retirement Account/Traditional IRA

Traditional IRAs are more attractive than ever because expanded income limits mean more people will be able to make tax-deductible contributions.  In addition, penalty-free withdrawals are allowed for qualified higher-education expenses and for a first-time home purchase.


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Locations
Hours
Phone

Main Office
1306 Murdoch Ave.
Parkersburg, WV 26101

South Parkersburg Office
809 Division St.
Parkersburg, WV 26101

Vienna Office
1701 Grand Central Ave.
Vienna, WV 26105
Lobby Hours:
Mon-Thu: 8:30am-4:30pm
Fri: 8:30am-5:30pm

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Sat: 8:00am-12:00noon
Local:
304-485-4523

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1-800-642-1902

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