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Return to IRAs
What is a Traditional IRA?
The traditional IRA is an individual retirement account that allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, certain contributions are tax dedcutible in the tax year for which you make them.
How much can I contribute to my IRA?
You may contribute any amount up to 100 percent of your compensation or the amount set forth in the chart below, whichever is less, to a traditional IRA (or aggregated between a traditional and a Roth IRA). Additionally, if you have attained age 50 or older by the end of your taxable year, you are eligible to make catch-up contributions.
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Tax Year
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Contribution
Limit
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Catch-up
Limit
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Total Limit for
Age 50 and Over
|
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2009
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$5,000
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$1,000
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$6,000
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2010
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$5,000
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$1,000
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$6,000
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2011 and later
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$5,000 + COLA*
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$1,000
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$6,000 + COLA*
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*Subject to annual cost-of-living adjustments (COLAs)
For more detailed information check out the following brochures:
You may also choose between an IRA Certificate with a specifc term, an IRA Share Account, or an IRA Investment Money Market Account.
You must be a member of Wings (with a Primary Share Account) prior to opening a Retirement Account. I you are not currently a member, open your account online or download a membership application.
Application
Fill out the form, print and mail it to the Retirement Center at the address on the form.
Contact the Retirement Center
For additional information about IRAs or the Coverdell Education Savings Account, call our Retirement Center at 1 (800) 692-2274, option 8, ext. 8165, or in the Minneapolis/St. Paul metro area, call (952) 997-8165.
Forms should be completed, printed and mailed (original documents are necessary) to:
Wings Financial Credit Union
Attn: Retirement Center
14985 Glazier Avenue, Suite 100
Apple Valley, MN 55124
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