When do IRA Contribution Forms mail?
IRA Contribution Forms Mail to members in May
If you currently have an Individual Retirement Account (IRA) at RadiFi, you should be receiving a Form 5498 in the month of May. The form, submitted to the Internal Revenue Service by the Credit Union, reports your IRA contributions for the previous year.
When you receive Form 5498, we ask that you review the reported information carefully. If you see an error, please contact us immediately.
Why invest in an IRA? They offer big tax advantages. Just ask your tax advisor.
Traditional IRA -contributions essentially lower your gross income for tax purposes. In other words, you may get to deduct the amount of your contribution from your gross income before you figure your taxes, lowering your tax bill. Taxes are deferred on Traditional IRAs until retirement (after 59 ½), when you may be in a lower tax bracket.
Roth IRAs –contributions are made with after-tax dollars, so your earnings grow tax-free. If you anticipate you’ll be in a high-income tax bracket after retirement, the Roth IRA may be one way to provide some tax-free income provided you satisfy the qualified distribution requirements.
Want to learn more about IRAs? We’re ready to help! Visit any RadiFi branch, call us at (904) 475-8000 or visit Individual Retirement Accounts (IRAs).