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303.443.4672, 1.800.429.7626

IRA, ESA and SEP Frequently Asked Questions

General IRA Roth IRA
Traditional IRA Simplified Employee Pension Plan
Coverdell ESA FAQs All FAQs

General IRA

What is an IRA? IRA stands for Individual Retirement Account. An IRA is one type of specific retirement account, allowed by the IRS, to provide either tax-advantage or tax-deferral benefits.
Is there a minimum age requirement to open an IRA? No, there are no minimum age requirements to open an IRA; however, earned income is a requirement to open a Traditional or Roth IRA (see www.IRS.gov for additional information)
What types of IRAs does Elevations Credit Union offer? Elevations Credit Union offers Traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts (ESA) and Traditional IRAs that accept Simplied Employee Pension Plan (SEP) funds.
What type of IRA savings choices does the Credit Union offer? Elevations Credit Union offers IRA Savings Accounts and IRA Certificates (3 to 60 month terms). Refer to ElevationsCU.com for all current rates and product offerings.
What is the deadline for members to make contributions to their IRA and/or ESA for tax year 2007? Regular contributions to Traditional and Roth IRAs and Coverdell ESAs can be made through April 15, 2008, including tax filing extensions.
How much can I contribute to a Traditional or Roth IRA for the previous year (2007)? Contribution limits for previous year (2007) for Traditional and Roth IRAs are 100% of earned income up to $4,000 for individuals under age 50, and $5,000 for individuals age 50 and older.
How much can I contribute to a Traditional or Roth IRA for the current year 2008? Contribution limits for current year (2008) for Traditional and Roth IRAs are 100% of earned income up to $5,000 for individuals under age 50, and $6,000 for individuals age 50 and older.
What is the difference between a Traditional and Roth IRA? Unlike Traditional IRAs, Roth IRAs are never tax deductible. Regular contributions can be withdrawn tax and penalty free at any time with a Roth IRA (certain IRS requirements apply).
If I already have a Roth IRA, can I have a Traditional IRA too? Yes, the limits on annual contributions apply to any combination of Traditional and Roth IRA contributions that you make for the year.
Can you convert funds in a Traditional IRA to a Roth IRA? Yes, but you will be taxed on the amount that you convert from a Traditional IRA to a Roth IRA (certain IRS requirements apply).
If I contribute to a Coverdell ESA, can I still contribute to a Traditional or Roth IRA? Contributions to Traditional or Roth IRAs do not effect the contributions you can make to a Coverdell ESA.
Can I roll funds from a Traditional or Roth IRA into a Coverdell ESA? No, rollovers from a Traditional or Roth IRA into a Coverdell ESA are not allowed.
Can I roll funds or convert my IRA Savings into a Health Savings Account (HSA)? Yes, a one-time contribution to an HSA of amounts distributed from an IRA is permitted. Some restrictions apply.
What type of IRA will accept my Qualifed Retirement Plan Funds? Qualifed Retirement Plan Funds can only be deposited into a Traditional IRA Account.

Tax Information

  
When will I receive a 1099-R Tax Form? The 1099-R Tax Form for all withdrawals from Traditional IRAs (including SEP plans) and Roth IRAs are mailed at the end of January.
When will I receive a 1099-Q Tax Form? The 1099-Q Tax Form for all withdrawals from Coverdell ESAs are mailed at the end of January.
When will I receive a 5498 Tax Form? The 5498 Tax Form for all contributions to Traditional IRAs (including SEP plans) and Roth IRAs are mailed in May.
When will I receive a 5498-Q Tax Form? The 5498-Q Tax Form for all contributions to a Coverdell ESAs are mailed in May.
If I completed a rollover from my other financial institution to Elevations Federal Credit Union, will I receive a 1099-R/1099-Q Tax Form(s) from Elevations Federal Credit Union? No. In this situation, the other financial institution will provide you with the 1099-R/1099-Q Tax Form(s). You may receive 1099-R/1099-Q Tax Form(s) for other withdrawals made from your IRA at Elevations Credit Union.