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If you are younger than age 70 ½ for the entire tax year, and have earned income, you are eligible to establish an IRA, even if you already participate in certain government plans, a tax-sheltered annuity, a Simplified Employee Pension (SEP) plan, a Savings Incentive Match Plan for Employees of Small Employers (SIMPLE), or a qualified pension or profit-sharing plan established by an employer.
Deductibility of your contribution is based on whether you or your spouse are an active participant in an employer-sponsored retirement plan, If you are an active participant, the deductible amount is dependent on your modified adjusted gross income and income tax-filing status. You may be eligible for the maximum deduction, a partial deduction, or no deduction. Your tax professional can help you determine your actual deduction.
WHFCU has many different types of Individual Retirement Accounts that are sure to suit your needs:
- Traditional Individual Retirement Account
- Roth Individual Retirement Account
- Coverdell Education Savings Account
WHFCU also offers different types of accounts that will allow you to maximize your earnings.
Click here for Contributory IRA rates
Click here for Certificate IRA rates
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