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Coverdell Saving Education Account
Individual Retirement Account
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Defer and perhaps shelter some of your savings from taxes, and at the same time, save for retirement.
Traditional annual contributions are $4,000.00 for a single person and $8,000.00 if married, or 100 percent earned income, whatever is less. Thanks to recent tax legislation, annual contributions could increase. Refer to below chart for subsequent year of contributions.
| Year |
Amount Single |
Amount Married |
| 2002-2004 |
$3,000 |
$6,000 for married couples |
| 2005-2007 |
$4,000 |
$8,000 for married couples |
| 2008 and beyond |
$5,000 |
$10,000 for married couples |
Members over 50 years old may make additional catch up contributions for the taxable year. Ask a Credit Union Service Associate for more details.
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ROTH
Roth contributions are never tax deductible, dividend penalty free after 5 years holding period.
Roth annual contribution is $4,000.00 for a single person and $8,000.00 if married, or 100 percent earned income, whatever is less. Thanks to recent tax legislation, annual contributions could increase. Refer to below chart subsequent year of contributions.
| Year |
Amount Single |
Amount Married |
| 2002-2004 |
$3,000 |
$6,000 for married couples |
| 2005-2007 |
$4,000 |
$8,000 for married couples |
| 2008 and beyond |
$5,000 |
$10,000 for married couples |
Members over 50 years old may make additional catch up contributions for the taxable year. Ask a Credit Union Service Associate for more details.
Coverdell Saving Education Account
A tax favored plan to accumulate education funds for child under 18 years of age. Contributions are NOT tax deductible and dividends are tax deferred and may be tax free.
$2,000.00 maximum annual contribution per year.
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