Roth IRA Accounts
No setup, administration or annual maintenance fees are charged on Star One IRA Accounts.
View our "IRAs—COVID-19, Retirement, and Beyond" webinar
During this unprecedented time, a new norm has come and new laws were passed, but your goal to live financially stable during retirement more likely has not changed. Please join us in this workshop presented by Star One Certified IRA Professionals to gain essential knowledge on IRAs which encompasses eligibility, portability, distribution, tax reporting and beneficiary options. Participants will also learn how to avoid regulatory pitfalls by recognizing the features of IRAs and uncovering the changes in laws that govern them brought forth by the CARES Act and SECURE Act 2020.
Roth IRA Accounts may offer greater tax savings and withdrawal flexibility than a Traditional IRA. Both Contributory and Conversion plans are available.
While Roth IRA contributions are not tax-deductible, contributions and earnings can be withdrawn tax-free on qualified distributions.
Roth IRA Accounts have no mandatory annual distribution requirements and you can contribute beyond age 70½. Eligibility depends on income.
CARES Act, SECURE Act 2020 and your IRA
New legislation in 2020 brings flexibility in how you manage your Star One IRA:
- CARES Act (Coronavirus Aid, Relief and Economic Security Act)
- SECURE Act 2020 (Setting Every Community Up for Retirement Enhancement Act)
Contribution changes
- Traditional IRA contributions can now be made after age 70½
- Expanded definition of the eligible compensation for Graduate student IRA contributions
Distribution changes
- Distributions may be taken for birth or adoption
- Delayed age for Required Minimum Distributions (RMDs)
Learn more about the CARES Act .
Learn more about the SECURE Act 2020.
Roth IRA Accounts
- No IRA setup, administration or annual maintenance fees
- Convenience of payroll allocations and automated deposits
- Automatic IRA distributions available
- 10-business-day grace period and automatic renewal on Certificate Accounts
- Competitive IRA interest rates
- Knowledgeable, qualified staff
- Monthly statement
Roth IRA Account Summary
| Qualifications: | Must have earned income. There are no age restrictions. |
| Maximum Contributions: | 2021: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year) 2020: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year) |
| 2020 Contribution Deadline: | May 17, 2021 |
| Tax Status of Earnings: | Earnings grow tax-deferred. Tax-free on qualified withdrawals. |
| Nonrefundable Tax Credit: | You may be eligible to receive a credit (not to exceed $1000) on your contribution if you meet certain requirements. |
| Contribution Restrictions: |
Yes, 2021 contributions phase out between $125,000 - $140,000 for singles and $198,000 - $208,000 for married couples filing jointly. Married filing separate phase-out: $0 - $10,000 Yes, 2020 contributions phase out between $124,000 - $139,000 for singles and $196,000 - $206,000 for married couples. Married filing separate phase-out: $0 - $10,000 |
| Tax Deduction: | No |
| IRS Penalties for Early Withdrawal: | None if:
|
| Required Distributions: | Only after death of the participant |
| Contribution Age Limit: | None |
Roth IRA Investment Options
- Savings Account - $100 minimum deposit or $25 with automated deposits
- Certificate Accounts - $100 minimum deposit or $25 with automated deposits, 6-month, 1-year and 2-year terms
Traditional and Roth IRA Accounts are separately insured to $250,000 by the National Credit Union Administration, an agency of the United States Government. Coverdell Education Savings Accounts are insured under the same provisions as irrevocable trust accounts.
Additional Roth IRA Information and Help
- Make a one-time contribution to your Roth IRA
- Set up automatic contributions to your Roth IRA
- Call us and ask to speak to one of our IRA Specialists
- Read the IRA Account Disclosure
- Elect tax withholding on your IRA distributions
- Compare IRAs
- Learn about Traditional IRA Accounts
- Learn about ESAs (Education Savings Accounts)
- Learn more about Roth IRAs
- Printable IRA and ESA brochures in PDF format
Scam and Fraud Alert
Several Star One members reported receiving a phone call or text from a person claiming to be from Star One's fraud department with a caller ID reflecting 866-543-5202.
The caller is impersonating a Star One employee to gain your trust with the goal of getting access to your account.
The caller may try to reassure you that it's OK to share your information—please hang up, it's not OK, EVER!