WNC Community Credit Union - Individual Retirement Account

Who Can Contribute?: Anyone who has income from compensation (or who is filing jointly with a spouse who earns compensation) with the following MAGI* -
Up to $110,000 (single filers)
Up to $173,000 (jointly filers); Reduced contributions allowed for higher incomes (up to $125,000 for single filers, and $183,000 for joint filers).
How Much Can I Contribute?: Total combined contributions to Roth and traditional IRAs up to $5,000/year (Aged Under 60) $6,000 (Aged Over 60) or 100% of compensation, whichever is less.
What are the Tax Advantages?: Most contributions can be withdrawn tax-and penalty-free at any time; After the account has been open five tax years, earnings can be withdrawn tax and penalty free for any of these reasons: age 59½, disability, death, or a first-time home purchase.; Earnings can be withdrawn penalty-free for the same reasons as those for penalty-free withdrawals from traditional IRAs (withdrawal may be subject to tax)

Who Can Contribute?: Anyone under age 70½ who has income from compensation (or who is filing jointly with a spouse who earns compensation)
How Much Can I Contribute?: Total combined contributions to Roth and traditional IRAs up to $5,000/year or 100% of compensation, whichever is less.
What are the Tax Advantages?: Earnings grow tax-deferred until withdrawn; Contributions may be tax-deductible

Who Can Contribute?: Same eligibility requirements as the Roth IRA, except that the contributor's income does not have to come from compensation.; Contributions not allowed:
- Once the beneficiary of the Education IRA reached age 18
- In any year that a contribution is made to a state tuition program for the same IRA beneficiary
How Much Can I Contribute?: No more than $500 total each year for all Education IRAs opened on each child's behalf
What are the Tax Advantages?: Withdrawals for qualified higher-education expenses are tax-free