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IRA and SEP Products

Helena Community Credit Union offers a variety of Individual Retirement Accounts that allow our members to choose which will work better for them. Members should feel free to visit with a Members Service Representative or phone our office (406-443-5400) if they have additional questions.

Compare Features & Benefits

Traditional IRA Roth IRA Simplified Employee Pension IRA Coverdell Education Savings
Who can contribute?
Anyone with earned compensation and under age 70 ½ Anyone with earned compensation, MAGI limitations apply Employers and self-employed individuals Anyone, Magi limitations apply for contributions to an ESA account
How much can I contribute annually?   
2008 - 2011: $5,000 - Catch up provisions for age 50 and older is $1,000 (2008- 2011) 2008 - 2011: $5,000 - Catch up provisions for age 50 and older is $1,000 (2008- 2011)  25% of an employee's compensation up to income of $245,000; for a maximum contribution of $49,000  $2,000 for the benefit of a child up to the age of 18; once the child turns age 18, no additional contributions can be made 
Are my contributions tax deductible?
Tax-deductible (deduction may be reduced or eliminated based on MAGI, pension plans, etc.) No Yes, the employer will be eligible to receive a tax deduction   No
What are the tax advantages?   
Earnings grow tax-deferred until withdrawn and contributions may be tax deductible. Earnings are tax free and penalty free for qualified distributions and there are no required minimum distributions  Interest earned in a SEP IRA grows tax-deferred and allows generous contributions limits.  Tax free withdrawals for qualified education expenses 
When can I withdraw without penalties?  
*Qualified higher-education expenses *First time home purchase (up to $10,000) *Age 59 1/2 *Disability * Qualifying Medical Expense *Payments to Beneficiaries upon the owner's death *Payments of health insurance premiums while unemployed for 12 weeks or longer *Regular contributions can be withdrawn tax-free and penalty- free at any time *Earnings are tax and penalty free after meeting the 5-year test and one of the following: - Attain age 59 ½, Death, Disability, First time home buyer (up to $10,000), Qualified medical, health insurance, or education expenses  *Qualified higher-education expenses *First time home purchase (up to $10,000) *Age 59 1/2 *Disability * Qualifying Medical Expense *Payments to Beneficiaries upon the owner's death *Payments of health insurance premiums while unemployed for 12 weeks or longer  *Withdrawals are tax-free and penalty free for qualified expenses *Funds can be transferred from one child’s account to the account of another child in the family under the age of 30 
Who owns and has access to my IRA account?   
The account must be set up with you as primary owner and only you have access to the IRA account. The account must be set up with you as primary owner and only you have access to the IRA account.   The account must be set up with you as primary owner and only you have access to the IRA account. The responsible individual (parent or legal guardian) has access to the Coverdell - the child is the ESA beneficiary
When do I have to take distributions?   
At age 70 ½  Never  At age 70 ½  By age 30 (can be transferred to eligible family member under the age of 30)
Contribution deadlines?
April 15 of the following year  April 15 of the following year  Employer’s tax-filing deadline  April 15 of the following year

 

 

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