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Take advantage of tax benefits available with an Individual Retirement Account (IRA).* Choose from a Traditional IRA or Roth IRA, with terms from 3 to 60 months.

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OneAZ Wealth Management

For more investment opportunities, please contact the Wealth Management team at 877.566.0517 or oneazwealth@oneazcu.com.

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IRAs Quick Facts

Best for: Potential Tax Deductions

Traditional IRA

Your earnings grow tax-deferred, and eligible contributions may be tax-deductible.

Key Facts:

Eligibility to contributeYou can contribute at any age as long as you—or your spouse, if filing jointly—have taxable compensation.

Maximum annual contribution$7,500, or $8,600 if age 50 or older.

Tax-deductible contributionsYou can deduct your contributions if you meet the eligibility requirements.

Taxation of earnings and withdrawalsTax deductible contributions and earnings are taxed as ordinary income when withdrawn.
After tax contributions are withdrawn tax-free.

Penalty-free withdrawalsNone before age 59½ unless an exception applies.

Early withdrawal penaltyA 10% IRS penalty may apply to withdrawals before age 59½.

Required withdrawalsMust begin at age 73.

Best for: TAX-FREE RETIREMENT WITHDRAWALS

Roth IRA

You make after-tax contributions, but qualified withdrawals in retirement may be free from federal taxes.

Key Facts:

Eligibility to contributeYou can contribute at any age as long as you have earned income and meet the income limitations.

Maximum annual contribution$7,500, or $8,600 if age 50 or older.

Tax-deductible contributionsContributions are made in after-tax dollars and are not tax-deductible.

Taxation of earnings and withdrawalsContributions can be withdrawn tax-free. Earnings may also be tax-free if the account has been held for five years and the withdrawal is for a qualified reason.

Penalty-free withdrawalsContributions can generally be withdrawn without penalty.

Early withdrawal penaltyA 10% IRS penalty may apply to earnings withdrawn before age 59½ unless an exception applies.

Required withdrawalsNone during the owner’s lifetime.

Secure Act

The SECURE act was signed into law on December 20, 2019 as part of the FCAA bill. Review the summary of IRA provisions below to see how this may impact you.

View Summary