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IRAs

IRAs

We are here to help you grow financially. If your goals are to start saving for your retirement, boost your retirement savings, or save for your child’s education expenses you are in the right place. Dow Credit Union has the IRA to fit your needs.
All of our accounts are available in either a Passbook savings account or a Certificate Account.

Passbook IRA Savings:

  • This savings account allows you to make regular deposits to the account at any time
  • No minimum balance required to open the account
  • $1,000 minimum balance to earn dividends

Certificates:

  • Terms from 1 year up to 5 years.
  • Minimum starting balance as low as $1,000
  • Dividends are compounded quarterly and credited quarterly

See Contribution and Distributions Quick Reference Guide

Traditional IRA: Pay Taxes on the back-end
This Individual Retirement Account gives you the benefit of making contributions that may be tax deductible, which means it reduces the contributor’s taxable income for that year.

Roth IRA: Pay taxes on the front-end
Pay the tax up front if you think you will be in a higher tax bracket in the future. At the time of withdrawal there will be no taxes if done for a qualified distribution: the IRA owner is 59 ½ or older, is disabled, is deceased, or the distribution qualifies as a first-time home purchase, AND the owner has had a ROTH IRA for 5 years.

Education IRA: Pay taxes on the front-end
This account is designated to help pay the education expenses of a child. Education expenses include eligible public, private, or parochial elementary, secondary or post-secondary expenses. The funds must be withdrawn before the designated beneficiary turns 30. This may be at a later date for a special needs designated beneficiary.

The earnings will be tax-free if the funds are used to pay for qualified education expenses. If the funds are withdrawn for another purpose, the designated beneficiary will be responsible for the taxes, not the contributor.

CLICK HERE for the current Rates

Financial Education is important to us. Check out the LEARNING ZONE for brief and interactive educational tools. They are a great way to increase your or your family’s knowledge and prepare for success.

IRA Contribution Quick Reference Guide

Eligibility CriteriaTraditional IRARoth IRAEducation IRA
Eligibility Age to Open an IRANo age limitBirth through 18 yearsEligibility Age to Open an IRA
EligibilityMust have earned income or have a distribution from a qualified planMust have earned income or have a distribution from a qualified Roth planUnder 18 years unless child has special needs
Maximum Contribution Limits2017-$5,500
2018-$5,500
Plus, an additional $1,000 if 50 years or older
2017-$5,500
2018-$5,500
Plus, an additional $1,000 if 50 years or older
2017-$2,000
2018-$2,000
Contribution Deadline DateTax deadline for prior year (typically April 15th)Tax deadline for prior year (typically April 15th)Tax deadline for prior year (typically April 15th)
  • Rollover Funds are moved from an employer sponsored plan to Dow (i.e. 401k, etc.)
  • Transfer Funds are moved from an existing IRA at another institution to a Dow IRA

IRA Distribution Quick Reference Guide

Eligibility CriteriaTraditional IRARoth IRAEducation IRA
Required Minimum Distribution (RMD)Yearly RMD by December 31st
Mandatory RMD beginning at 70 ½ years
NoneNo RMD
Funds must be withdrawn by Age 30
May be transferred to another child in the same family
Normal Distribution59 ½ years or older
Subject to Federal/State income taxes
59 ½ years or older
Meets 5 year mandatory waiting period, otherwise subject to Federal/State income taxes
No penalty for qualified education expenses
Early DistributionUnder 59 ½ years, subject to IRS 10% early withdrawal penalties and Federal/State TaxesUnder 59 ½ years, subject to IRA 10% early withdrawal penalties and Federal/State taxesEducational expenses are incurred
Distributions with ExceptionsFirst time home buyer ($10K limit)
Higher education expenses
Medical expenses
Distribution due to death
First time home buyer ($10K limit)
Higher education expenses
Distribution due to death
N/A
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To Open an Account

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CALL (925) 331-1010

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Routing Number: 321174550

“To Report a Lost or Stolen Visa Debit Card…..during regular business hours call 925-331-1010 Option 6 after hours call 800-472-3272.“

Holiday Closures
Security & Identity Theft

Routing Number: 321174550

“To Report a Lost or Stolen Visa Debit Card…..during regular business hours call 925-331-1010 Option 6 after hours call 800-472-3272.“

Contact Us

Our Locations

Antioch Branch - Get Directions >>
3457 Deer Valley Rd.
Antioch, CA 94531
Phone: 925-331-1010
Fax: 925-331-1066

Federally Insured by NCUA. Rates are current as of this month and this year unless otherwise noted and are subject to change.
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