A Traditional IRA lets you save for your retirement goals while you receive immediate tax benefits. You can contribute to a Traditional IRA if you have earned income (or filing jointly with a spouse who has earned income).
View the comparison chart for contribution details, tax advantages, and withdrawal restrictions.
Complete applicable forms to open/change your Traditional IRA:
- Traditional IRA Trust Application Packet – Form 2300-T (Projection Sheet)
- Traditional IRA Beneficiary Designation Change – Form 2303
- Traditional IRA Withdrawal Instruction – Form 2306T
- Traditional IRA Periodic Payments Before Age 70 1/2 – Form 2316
- Traditional IRA RMD Election 2318
- Traditional IRA Selection of Survivor Benefits – Form 2321
- Traditional IRA Direct Transfer Instructions – Form 2325
- Traditional IRA Periodic Payment Change – Form 2345
- IRA Charitable Distribution Request
- Inherited IRA Scheduled Election Form
Return completed forms:
- Send via secure email or
- Fax: 703-925-5125 or
- Mail: NWFCU, Attn: IRA Specialist, PO Box 1229, Herndon, VA 20172
The Roth IRA offers a unique savings opportunity. Unlike Traditional IRAs, Roth contributions are not tax-deductible because they’re made with after-tax dollars. Meaning, your withdrawal at retirement age can be made tax-free.
View the comparison chart for contribution details, tax advantages, and withdrawal restrictions.
Complete applicable forms to open/change your Roth IRA:
- Roth IRA Application Packet – Form 2400R-T (Projection Sheet)
- Roth IRA Beneficiary Designation Change – Form 2303
- Roth IRA Withdrawal Instruction – Form 2406R
- Roth IRA Selection of Survivor Benefits – Form 2421R
- IRA Direct Transfer Instructions – Form 2325
- IRA Charitable Distribution Request
- Inherited IRA Scheduled Election form
Return completed forms:
- Send via secure email or
- Fax: 703-925-5125 or
- Mail: NWFCU, Attn: IRA Specialist, PO Box 1229, Herndon, VA 20172
A Coverdell Education Savings Account allows you to contribute up to $2,000 per year, per child. Earnings grow tax-free if distributions are used for qualified education expenses.
What happens if my child doesn’t go to college?
There are two options available to Coverdell beneficiaries when they reach age 30:
- They can close the account, keep the balance and pay tax on the earnings plus a 10% penalty
- Funds can be transferred to another family member under 30 years old, thereby establishing a new Coverdell plan.
Note: Income criteria applies; check the IRS website for details.
Complete the applicable forms to open/change your Coverdell ESA:
- Coverdell ESA Trust Application Packet – Form 2500E-T (Projection Sheet)
- Coverdell ESA Death Beneficiary Designation/Change – Form 2503E
- Coverdell ESA Withdrawal Instruction – Form 2506E
- Coverdell ESA Direct Transfer Instruction – Form 2525E
- Special Contributions
Return completed forms:
- Send via secure email or
- Fax: 703-925-5125 or
- Mail: NWFCU, Attn: IRA Specialist, PO Box 1229, Herndon, VA 20172
Simplified Employee Pension (SEP) IRAs are designed for self-employed individuals and small business owners. SEP IRAs are:
- Easy – quick to set-up and maintain
- Convenient – no mandatory contributions or annual tax filings
- Beneficial – tax-deductible contributions can help decrease taxes and tax-deferred compounding helps both employers and employees build retirement assets
Note: All contributions made under a SEP IRA are employer contributions; employees cannot defer a portion of their salary to a SEP.
To learn more, contact our IRA Specialists:
- Call 703-709-8900 x4490
- Email us