Roth IRA Accounts may offer greater tax savings and withdrawal flexibility than a Traditional IRA.
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While Roth IRA contributions are not tax-deductible, contributions and earnings can be withdrawn tax-free on qualified distributions.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.
New legislation in 2020 brings flexibility in how you manage your Star One IRA:
Learn more about the CARES Act .
Learn more about the SECURE Act 2020.
|Qualifications:||Must have earned income. There are no age restrictions.|
|Maximum Contributions:||2020: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year)
2019: $6,000, plus $1,000 "catch-up" contribution (if age 50 or over during the year)
|2019 Contribution Deadline:||July 15, 2020|
|Tax Status of Earnings:||Earnings grow tax-deferred. Tax-free on qualified withdrawals.|
Yes, 2020 contributions phase out between $124,000 - $139,000 for singles and $196,000 - $206,000 for married couples filing jointly. Married filing separate phase-out: $0 - $10,000
Yes, 2019 contributions phase out between $122,000 - $137,000 for singles and $193,000 - $203,000 for married couples. Married filing separate phase-out: $0 - $10,000
|IRS Penalties for Early Withdrawal:||None if:
|Required Distributions:||Only after death of the participant|
|Contribution Age Limit:||None|
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.
IRA / ESA Savings
APY (0.70% rate)
6-Month IRA / ESA
APY (0.65% rate)
1-Year IRA / ESA
APY (0.70% rate)
2-Year IRA / ESA
APY (0.75% rate)
Additional Roth IRA Information and Help