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St. James Parish Credit Union

Deposits/IRA's


MEMBERSHIP ELIGIBILITY

(In accordance with our Articles of Incorporation)

Membership in this credit union shall be limited to members of St. James Roman Catholic Parish of White Oak, Cincinnati, OH; and the following relatives of parish members: including spouses, widowers, parents, grandparents, siblings, children, grandchildren or any dependent within a parish member's household.  Membership shall also be open to all employees of the credit union and their families, including spouses, widowers, parents, grandparents, siblings, children, grandchildren or any dependent within the employee's household.

We offer many types of deposit accounts including Savings [Shares], Certificates, Individual Retirement Accounts, and Coverdell Education Savings Accounts.  Your deposits are federally insured by the National Credit Union Administration to at least $250,000 and backed by the full faith and credit of the United States Government.

The different types of accounts we offer are

  • Individual
  • Joint Accounts
  • Payable on Death
  • Trust, Account to Minors
  • Agency Designations 

CURRENT RATE SHEET  ...Rates, terms and specials subject to change without notice. Call for most current rates.

MEMBERLINE: (513) 385-5921 

 

COVERDELL EDUCATION SAVINGS ACCOUNT (ESA) -

Seeing a child get a good education is every parent's dream.  But you may be wondering how you'll pay for rising elementary, high school and college education costs.  A Coverdell ESA, formerly known as the Education IRA, may be your answer!

WHY A COVERDELL EDUCATION SAVINGS ACCOUNT? - A Coverdell ESA allows you to save up to $2000 per child per year, and earnings grow tax-free if distributions are used for qualified education expenses [include tuition, fees, books, supplies, equipment, and in some cases, room and board and computers].  Unlike state-sponsored Section 529 plans, the Coverdell ESA can be used for qualified elementary and high school expenses at most public, private and parochial schools.  Call for more details!

Contribution can be made on behalf of the same child to both a Coverdell ESA and a 529 plan.  In addition, your contributions to Traditional or Roth IRAs will not reduce the amount you may contribute to a Coverdell ESA.

TRADITIONAL IRA AND ROTH IRAS -

The chart highlights the details and advantages of the accounts.  If you are eligible to contribute to both a Traditional and Roth IRA and are still unsure which account is right for you, follow these general rules-of-thumb..

ROTH - if you don't need the tax break right now.  It's a more flexible investment because you can withdaw regular contributions at any time, tax-free and penalty-free.  You do not have to take mandatory distributions at age 70.5. 

TRADITIONAL - if you want the tax deduction right now.  It also makes sense if you anticipate paying taxes at a significantly lower rate in retirement.

 

WHICH IS RIGHT FOR YOU?

 

  ROTH IRA TRADITIONAL IRA
Who can contribute? You are eligible if you earn compensation and your MAGI (Modified Adjusted Gross income) is less than the defined limits set by Congress.  If your MAGI is too high to contribute the annual contribution limit, you may be able to make a smaller contribution. Anyone under age 70.5 who has income from compensation (or who is filing jointly with a spouse who earns compensation).  Anyone who has received a distribution from a qualified retirement plan and decides to move the proceeds of the plan into an IRA.
How much can I contribute? You may be able to contribute up to $5000. For owners age 50 and older, you may be able to contribute up to $6000.  Contributions cannot exceed compensation.  You may be able to contribute up to $5500.  For owners age 50 and older, you may be able to contribute up to $6500.  Contributions cannot exceed compensation.
Who can make deductible contributions?  No one can deduct contributions Deductible up to annual contribution limits:
  • single individuals not active in employer retirement plans;
  • Single individuals active in qualified retirement plans with MAGI below defined limits;
  • Married couples with neither spouse active in an employer retirement plan;
  • Married individuals active in qualified retirement plans filing joint tax returns with MAGI below defined limits;
  • Married individuals not active in qualified retirement plans filing joint tax returns with spouses who are, as long as MAGI is below defined limits.
What are the tax advantages?  Earnings are tax-deferred and withdrawals are tax-free if the account is open for five tax years and withdrawals are for a qualified reason [age 59.5, disability, death, or a first-time home purchase [life-time limit].  Not required to start withdrawals at age 70.5. Earning grow tax-deferred until withdrawn and contributions may be tax-deductible.
When can I withdraw without restrictions?  Regular contributions can be withdrawn tax-free and penalty-free at any time.  After the account has been open five tax years, earnings can be withdrawn tax-free and penalty-free for any of these reasons: age, 59.5, disabiliity, death or a first time home purchase [life-time limit].  Withdraw penalty-free for any of the following reasons:
  • Qualified higher-education expenses
  • First-time home purchase
  • Age 59.5
  • Disability
  • Qualifying medical expenses exceeding 7.5% of adjusted gross income
  • Payment to beneficiaries upon the owner's death
  • Payment of health insurance premiums while unemployed for 12 weeks or longer.

 


St. James Parish Credit Union
6195 Cheviot Road, Cincinnati, OH 45247-6120, Ph (513) 385-5921 Fax: (513) 385-0199
Hours: Monday - Friday 9:00am - 3:00pm First Saturday of each month 9:00am - 1:00pm
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