Veritas Federal Credit Union

Traditional IRAs

Tax-advantaged growth

Contributions and earnings from a traditional IRA grow tax-deferred until withdrawn at which time they are taxed at your current rate.(If contributions are not tax-deductible, then they can be withdrawn tax-free under a pro-rata rule.) If withdrawals occur before you are age 59 � then you also may be subject to a 10% additional tax.

Contributions may be fully tax-deductible if any of the following apply:
  • Neither you nor your spouse is an active participant in an employer-sponsored retirement plan
  • You participate in an employer-sponsored retirement plan and your 2012 MAGI is $58,000 or less as a single taxpayer or $92,000 or less as married taxpayers filing jointly
  • You do not participate in an employer-sponsored retirement plan, but your spouse does, and joint MAGI is no more than $173,000 for 2012


  • If you are under age 50 you can contribute up to $5,000 for 2012
  • For each year during which you are age 50 or older, Traditional IRA annual contribution limits increase by $1,000.

Traditional IRA Tax Deduction Guidelines

Tax Deductibility of Traditional IRA Contributions

Tax deductibility of your Traditional IRA contribution is based on several factors:
  • Your federal tax filing status
  • Your modified adjusted gross income
  • Whether you or your spouse participates in an employer-sponsored retirement plan such as 401(k), 403(b) or pension.
  • Your age


Anyone under age 70½ who has earned income equal to or greater than their IRA contribution amount.
  • If you contribute to an employer-sponsored plan like a 401(k) or 403(b), you are still eligible to contribute to a Traditional IRA account
  • If you have no earned income but your spouse earns enough income to cover your contribution as well as their own, you can contribute to a Traditional IRA account

Veritas Federal Credit Union
One Nissan Way
Franklin, TN 37067

Mailing Address:
PO Box 2659
Smyrna, TN 37167

Main Phone: (615) 786-0452
Member Service: (855) 663-8328
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Routing Number: 064182605
VFCU NMLS #409723
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