Contributions can be made by sharedraft or check. In addition, if you want to automate your savings, you can authorize monthly debits from your credit union account directly into your Roth IRA. To find out more about contribution limits, please read below.

When can I contribute?

You may make contributions for a tax year up to the due date for filing income tax returns for that specific year, generally April 15th of the following year.

Withdrawals - what is a qualified distribution?

A qualified distribution is a distribution that is made:

At least five taxable years after a contribution is made, starting with the year in which a contribution is made, and on or after attainment of age 59 1/2, or

For a qualified first-time home purchase of up to a $10,000 maximum lifetime limit, or

As a result of death or disability.

All other withdrawals are considered taxable as ordinary income and may also be subject to a 10% premature distribution federal tax penalty to the extent attributable to the Roth IRA's investment earnings, unless an exception that is described below applies. Please note, however, that after-tax Roth IRA contributions are considered to be withdrawn first. The following exceptions apply to the 10% premature distribution penalty tax:

• Distributions made on or after attainment of age 59 1/2,
  
  
• Distribution for unreimbursable deductible medical expenses (in excess of 7.5% of federal Adjusted Gross Income (AGI)),
  
  
• Distributions that are qualified higher education expenses,
  
  
• Distributions that are qualified first-time home buyer expenses,
  
  
• Distributions of substantially equal periodic payments (annuity distributions),
  
  
• Distributions made on account of death or disability,
  
  
• Distributions to pay certain health insurance premiums after 12 weeks of unemployment.