Individual Retirement Accounts

Individual Retirement Accounts

At GreenState, we aim to create lasting value for all our members, whether you are just beginning college, buying your first home, or saving for retirement. Our Traditional and ROTH IRAs are designed to assist in your overall retirement planning.

What is an IRA?

Traditional IRA

An Individual Retirement Account in which members can make pre-tax contributions and watch investments grow tax-deferred.

ROTH IRA

An Individual Retirement Account designed to set aside after-tax income; these styles of accounts allow for tax free withdraws.

To establish a Traditional or ROTH IRA, eligible income is required.
Eligible income may include wages, salaries, tips, commissions, and bonuses.

You may wish to consult your tax advisor to determine your eligibility.

Contribution Limits

A few things to note about contribution limits:

Individuals may contribute up to $7,000 in 2024 or $8,000 if older than 50. You may also make a prior year contribution of $6,500 or $7,500 if older than 50 before tax filing deadline.
The maximum contribution limit can be split between both Traditional and ROTH IRAs accounts.
Contributions may be made up until the tax filing deadline for the previous year.

2024 ROTH MAGI^† Limits for Regular ROTH IRA Contributions
Filling Status	MAGI for Full Contribution	MAGI for Partial Contribution	Ineligible for ROTH contributions
Single	Up To $146,000	$146,000-$161,000	Over $161,000
Married, filing jointly	Up To $230,000	$230,000-$240,000	Over $240,000
Married, filing separately	$0	$0-$10,000	Over $10,000

† (MAGI) Modified Adjusted Gross Income

Transfer your IRA

A transfer occurs when established IRA funds are moved from one financial institution to another financial institution remaining as IRA funds during the transfer. An unlimited number of transfers may be completed in a year

Moving to GreenState
If you are interested in bringing funds to a GreenState Traditional IRA, please contact us or stop into a branch to complete transfer request paperwork.

We will need your current financial institutions name, address, account number, IRA type, approximate value, and beneficiary information (name, DOB, SSN) to get this completed. GreenState will then send the request on your behalf. Once funds have arrived at GreenState a member of our team will reach out regarding investment options.

Moving to Another Financial Institution
Members should contact the receiving institution to complete a transfer request form. Once the request arrives, GreenState will process the funds within 24 business hours. There will be a $28 transfer fee assessed for this service.

Rollover Your IRA

A rollover occurs when established IRA funds are distributed from an IRA to the owner and redeposited as IRA funds at another institution.

Moving an IRA to GreenState
You will need to request a distribution from your current financial institution. There are often rules specifying how that check should be processed so be sure to follow all applicable guidelines.

Within 60 days of receiving your funds, stop into one of our local branches to deposit the funds and complete all the necessary documentation. This style of IRA transaction can be completed once every 365 days.

Moving Your GreenState IRA to Another Financial Institution
Please contact us or stop into a branch to have a distribution made from your account. Then simply take the check to your other institution within 60 days and inform them you are rolling over the funds.

Moving an Employer Sponsored IRA (Roth IRA, Traditional IRA, 401k, etc.) to GreenState
Begin by contacting the financial institution currently holding your employee sponsored IRA funds; some companies will require rollover request paperwork which GreenState is happy to assist with, other companies are willing to cut the check without GreenState rollover request paperwork. Once funds have arrived at GreenState a member of our team will reach out regarding investment options. These types of transactions are not subject to the one rollover per year regulation; however they are reportable transactions.

If GreenState rollover paperwork is requested, please contact us, or stop into your local branch with the following information:

Current Financial Company Name
Mailing address for current financial company
Account Number
Value
IRA Type
Beneficiary Information (name, DOB, SSN)

Moving an Employer Sponsored IRA (Roth IRA, Traditional IRA 401k, etc.) to Another Financial Institution
Start by contacting your other financial institution to complete the necessary rollover request paperwork. Once GreenState receives the rollover request, funds will be issued in the form of a check to the receiving financial institution. Below is the information they may request from you. These types of transactions are not subject to the one rollover per year regulation; however they are reportable transactions.

GreenState Account Number/Share
Type of IRA
Value
Mailing Addresses & Fax Info (listed below)

Contact the IRA Team

Phone Number:	(855) 360-8472
Fax Number:	(319) 665-2162
Mailing Address:	GreenState Credit Union Attention GreenState IRA Dept. PO Box 800 North Liberty, IA 52317
Overnight Mailing Address:	GreenState Credit Union Attention GreenState IRA Dept. 2355 Landon Rd. North Liberty, IA 52317

IRA Products

IRA Money Market Account Rates

IRA Certificates Rates

Important IRA Tax Documents*
Form	Deadline	Description
1099-R	1/31	Used to report distributions from an IRA made during a given tax year, as well as any taxes withheld
Annual Statement	1/31	Information provided to IRA owners indicating contribution/distribution amounts as well as tax withholding amounts, fees paid, fair market value as of 12/31 and RMD if applicable
5498	5/31	Used to report contributions made to your IRA during a given tax year

*If opted into eStatements, these documents will be delivered electronically via Online Banking.

Common Transactions

Required Minimum Distribution (RMD)

A RMD is the minimum amount of money that must be withdrawn from your Traditional IRA each year. These withdraws are required once you reach age 73. ROTH IRAs do not require withdrawals until after the death of the owner.
- This withdrawal must be made no later than December 31 each year. If you reached age 73 this year, you may delay your first withdrawal until no later than April 1 of the next year. (Two minimum distributions would be required in the year following your 73rd birthday.)
The RMD amount of your GreenState IRA will be provided to you on your annual statement.
RMDs between all accounts may be aggregated and distributed partially from all financial institutions or combined from one institution.

Contributions

Funds contributed to an IRA to save for retirement. Keep in mind, there are annual limits and certain contributions may be tax-deductible. To find out if your contributions qualify, please contact a tax professional.
Prior year contributions can be made up until tax filing deadline.
The maximum contribution can be contributed fully to either a Traditional or ROTH IRA or divided between the two accounts. (Contribution limits are aggregated between all financial institutions.)

Distributions

Distributions occur when a withdrawal is taken from your IRA. Members may elect to withhold taxes from these transactions. We advise discussing potential distributions with your tax professional.