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Individual Retirement Accounts |
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A credit union IRA offers you convenience, security
and personal service. In January, 2002, IRA contribution limits
hit an all-time high. Through 2004, you can put up to
$3,000 per year into your traditional or Roth IRA. That's $1,000
more than previous limits! And it gets even better. From 2005
through 2007, you can contribute $4,000 per year. And starting in
2008, your annual contribution limit is $5,000.
"Catch-up" contributions.Through tax year 2005, those of you who are 50 and over can add $500 to the regular annual contribution limit. And for tax years 2006 through 2010, your catch up doubles to $1,000. We have compiled answers to the most commonly asked questions in order to give you a better understanding of the differences between
Due to the complexity of IRAs, you should also plan to consult with a tax professional to make sure you're making the most of the new legislation.
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Copyright 2007 Parker Community Credit Union
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