IRAs with Clark County Credit Union

Individual Retirement Account

The minimum opening balance and average daily balance needed to maintain an IRA account is $100.00.

Have any questions?  Call 702-228-2228.

Find a BranchView Rates

 

 

IRA Variable Rate

The interest rate and Annual Percentage Yield (APY) on the IRA can change at any time without notice as determined by the Board of Directors of Clark County Credit Union.

 

IRA Certificates - fixed rates

With IRA certificates, you get the "best of both worlds" in a sense: the tax benefits of an IRA and the security of a CD. Supplement your retirement savings efforts with our IRA Certificates, which offer reliable and competitive fixed rates.

 

Required Minimum Distributions (RMD)

The IRS requires distribution on Traditional IRAs if the owner is over 70.5 year of age. If member elects an option other than “member responsible” the disbursement will only be funded from the IRA (Suffix 81). If IRA funds are in a certificate the Credit Union reserves the right to charge a penalty, close and/or move funds without notice, to fund the required RMD as elected by the Member.

Account Limitations for Traditional IRAs

There are limitations to the amount a member can contribute annually to their Traditional IRA based on IRS Guidelines. The deadline for making any previous year contributions is April 15th. Owners must be age 59 ½ or meet the qualified distribution guidelines to make a withdrawal without penalty.

Account Limitations for Roth IRAs

There are limitations to the amount a member can contribute annually to their Roth IRA based on IRS Guidelines. The deadline for making any previous year contributions is April 15th. Owners must be age 59 ½ or meet the qualified distribution guidelines and the account must be open five (5) years to make a withdrawal without penalty.

Fees

An annual account fee of $25.00 will be assessed to each IRA, Traditional and Roth. See CCCU Fee Schedule. (Fees waived for Diamond and Platinum members)

WITHHOLDING NOTICE:

Payments from your IRA are subject to federal income tax withholding, unless you elect no withholding. You may change your withholding election at any time prior to your receipt of a payment. To change your withholding election, complete the proper form, available from the credit union or by clicking here. (missing form) Withholding from IRA payments, when combined with other withholding, may relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient.

IMPORTANT REMINDER (FORM 2317):
Payments from your IRA are subject to federal income tax withholding, unless you elect no withholding. You may change your withholding election at any time prior to your receipt of a payment. To change your withholding election, complete the appropriate form provided by your credit union.

Withholding from IRA payments, when combined with other withholding, MAY relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient.

If the IRA account balance drops below the required $100.00 the Credit Union will close the account by mailing a check for the remaining balance to the address of record.

 

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