Roth IRA Accounts
No setup, administration or annual maintenance fees are charged on Star One IRA Accounts.
Roth IRA Accounts
- No IRA setup, administration or annual maintenance fees
- Convenience of payroll allocations and automated deposits
- Automatic IRA distributions available
- Automatic renewal on Certificate Accounts with 10-calendar-day grace period beginning on maturity date to make changes
- Competitive IRA interest rates
- Knowledgeable, qualified staff
- Monthly statement
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While Roth IRA contributions are not tax-deductible, contributions and earnings can be withdrawn tax-free on qualified distributions.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.
View our "IRAs—Retirement, and Beyond" webinar
Please join us in this workshop presented by Star One Certified IRA Professionals to gain essential knowledge on IRAs which encompasses Cost of Living Adjustments (COLAs), eligibility, portability, distribution, tax reporting and beneficiary options. Participants will also learn how to avoid regulatory pitfalls by recognizing the features of IRAs and understanding the laws that govern them.
CARES Act, SECURE Act 2020 and your IRA
New legislation in 2020 brought flexibility in how you manage your Star One IRA.
Learn more about the CARES and SECURE Acts by selecting the links below:
- Learn more about the CARES Act
- Learn more about the SECURE Act 2020
Roth IRA Account Summary
| Qualifications: | Must have earned income. There are no age restrictions. |
| Maximum Contributions: | 2021-2022: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year) |
| 2021 Contribution Deadline: | April 18, 2022 |
| 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 or $2000 for married couples filing jointly) on your contribution if you meet certain requirements. |
| Contribution Restrictions: |
Yes, 2022 contributions phase out between $129,000 - $144,000 for singles and $204,000 - $214,000 for married couples filing jointly. Married filing separate phase-out: $0 - $10,000 Yes, 2021 contributions phase out between $125,000 - $140,000 for singles and $198,000 - $208,000 for married couples. Married filing separate phase-out: $0 - $10,000 |
| Tax Deduction: | No |
| IRS Penalties for Early Withdrawal: | None if:
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| 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.
** Annual Percentage Yield
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