FAQ

Yes, you can have both a Traditional and Roth IRA. The maximum contribution for the year is cumulative. For 2025, the contribution limit is $7,000 per year or a cumulative total of $7,000 between a Traditional IRA and Roth IRA per year. If you are 50 years old or older, you are able to contribute an additional $1,000 as a ‘catch up’ contribution.

For 2025, the contribution limit for both is $7,000 per year or a cumulative total of $7,000 between both a Traditional IRA and Roth IRA per year. If you are 50 years old or older, you are able to contribute an additional $1,000 as a ‘catch up’ contribution.

Yes, the Credit Union offers both Traditional IRA and Roth IRA accounts.

Contributions to a Traditional IRA are pre-tax dollars and could offer tax deductibility and contributions to a Roth IRA are after tax dollars and could offer tax free withdrawals.

A carry back contribution is a contribution made for the previous year. These contributions must be made between January 1st and the tax filing deadline.