Individual Retirement Accounts (IRAs)

* Deposits can consist of the following - Rollover and direct transfers of any amount from other financial institutions, or contributions in increments of $25 or more that do not exceed your annual contribution limit. This offer is subject to change at any time and does not affect non-certificate IRA share accounts, normal share certificate investments or share certificate IRA accounts with other terms.

Individual Retirement Accounts (IRAs)

The Individual Retirement Account (IRA) was created to allow wage-earners an investment plan for retirement, while deferring income taxes. Regardless of income or participation in other pension plans, taxes on IRA earnings are deferred until the money is withdrawn. IRAs are available for retirement and educational savings. Anyone with $5,000 of earned income can contribute up to $5,000 a year to an IRA. Spousal contribution up to $5,000 per year is also allowed. (Special restrictions apply, consult your tax advisor for more information).

Denver Community offers Traditional IRAs, Roth IRAs and Educational IRA Accounts (also known as Coverdell Education Savings Accounts). The member may choose to invest in either the IRA Money Market or IRA Share Certificate Accounts. IRA Money Market Accounts may be opened with no minimum balance. IRA Share Certificates can be opened with as little as $100. Members may transfer IRAs from other institutions to Denver Community upon maturity by calling our member service department at least 15 days prior to the maturity date.

To Open your Individual Retirement Account
Visit any of our office locations for more information or an application, or call 303-573-1170. View our great yields.

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Traditional IRA - Some changes made to traditional IRAs include:
Your funds can be withdrawn without an IRS penalty if used for higher education purposes or first-time home purchases. Income limits for deductibility are being raised over the next several years, making more people eligible for fully deductible contributions. Deductibility for contributions for one spouse no longer depends on whether or not the other spouse is covered by a pension plan.

Roth IRA
This IRA was named after Senate Finance Committee Chairman William Roth. While the contributions won't be deductible on your federal income tax return, there is a potentially greater tax benefit. Money left in the Roth IRA for at least five years and withdrawn after age 59 1/2 will not be taxed, no matter what your tax bracket or income level. And, unlike the traditional IRA, you do not have to start withdrawing money after you reach age 70 1/2.

Coverdell Education Savings Account
The Coverdell Education Savings Account IRA was created to help parents save for their children's education. $2000 may be contributed annually per child. Your funds may be withdrawn, tax free, for higher education purposes. Deposits must be made before the student turns 18 and disbursed by age 30.