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Ohio Credit Union
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First Choice Community Credit Union, Inc.

FAQs

All About IRAs

General Information

 

All About IRA's

Can my spouse and I both contribute to IRA's?
If you and your spouse want to put money into traditional or Roth IRA's, your contributions can total $4,000 or your combined compensation , whichever is less. But the maximum contribution for each spouse can't exceed $2,000 per year, so you'll need at least two separate IRA's to contribute the full $4,000. If you don't earn compensation, but your spouse does, you still may be eligible to contribute to a traditional or Roth IRA based on your spouse's earnings.

Keep in mind that you must earn under $95,000 on a single tax return and under $150,000 on a joint tax return in order to contribute the full $2,000 to a Roth IRA. You can still make partial contributions to a Roth with income up to $110,000 as a single filer and $160,000 as a joint filer. While there's no age limit on contributions to Roth IRAs, you can't contribute to a traditional IRA for the year you reach age 70 ½ or later years. Also, there are some limitations on tax-deductible contributions to traditional IRAs.

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The Benefits of a Traditional IRA
It's easy to Invest In your future at First Choice Community Credit Union. A Traditional IRA can help you prepare for retirement
and serve a nurnber of other purposes.

  • Grow Your Nest Egg - Earnings and deductible contributions in a Traditional lRAs grow tax-deferred until withdrawn, which can begin as early as 59 ½ but must begin at age 70 ½.
  • First Home Purchase - You can withdraw up to $10,000 penalty free towards the purchase of your first home.
  • Pay for College - Traditional IRA funds used to pay for qualified educational expenses can be withdrawn penalty free. There is no dollar limit and funds can be used for tuition, fees, books, and supplies at a post-secondary institution.
  • Assist with Medical Expenses - Funds to pay for certain medical expenses can be withdrawn from your Traditional IRA without paying a 10% early distribution tax.

For the answers to all of your IRA questions, call one of our IRA Specialists today at 330-652-3887.

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The Benefits of a Roth IRA
It's easy to invest in your future at First Choice Community Credit Union. A Roth IRA can help you prepare for retirement and
serve a number of other purposes.
  • Preparing for Retirement - Roth IRAs serve as a great retirement tool because qualified withdrawals, including earnings, are tax free.
  • First Home Purchase - If you've had your Roth IRA for at least five years, you can use $10,000 towards the purchase of your first home tax free and penalty free.
  • Leave Funds to your Heirs - There are no mandatory withdrawals, so you can leave money from your Roth IRA to your heirs tax free.
  • Pay for College - Qualified educational expenses are penalty free. There is no dollar limit and funds can be used for tuition,fees, books, and supplies_at a post-secondary institution.
  • Rainy Day Fund - You can access your regular contributions tax free anc penalty free at any time and for any reason.

For the answers to all of your IRA questions, call one of our IRA Specialists today at 330-652-3887.

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General Information


Can the Credit Union take care of all my financial needs?
For many people, yes. We offer a full line of deposit services - savings accounts, share draft accounts, Certificates of Deposits, IRA's, and much more.
We also offer many types of loans - for cars, boats, home improvements and more. Plus, you'll appreciate our low interest rates!
Your Credit Union has three main functions:
  • Help you save regularly
  • Loan money at fair interest rates
  • Advise you on how to use money wisely.
  • Why not visit with one of our member service representatives today and see if the Credit Union isn't the answer to your financial needs?

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Is my money SAFE?

Absolutely. Our Credit Union is chartered under the terms of the State of Ohio, Division of Financial Institutions and supervised by the National Credit Union Administration (NCUA).
Each member's savings are insured to the full legal limit by the National Credit Union Share Insurance Fund (NCUSIF).

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What's so special about Credit Unions?

Unlike other financial institutions, Credit Unions are owned and run by its members. MEMBERS make up the Board of Directors, who manage and elect the officers to handle the business and operation of the Credit Union. MEMBERS make up the Credit Committee which decides on loans that are made. MEMBERS make up the Supervisory Committee which makes sure the Credit Union is run correctly.

Are you getting the idea that it's the MEMBERS who make the Credit Union special? That's absolutely right! Our members are joined by a common bond and we will serve ONLY our members. There are no outside stockholders - all net earnings after expenses are paid out to our members in dividends.
That means your savings grow faster.

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