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Roth Individual Retirement Accounts

Traditional IRAs | Roth IRAs | Coverdell

Member Notification:

IRA Rollover Interpretation Changing
If you are considering rolling over your IRA assets to an existing or new IRA, the IRS is changing its long-standing position on the one-per-12-month rule for IRA rollovers. When the IRS applies its new interpretation, which will be effective for distributions taken on or after January 1, 2015, you may roll over only one IRA distribution in any 12-month period, regardless of how many IRAs you own. You may still perform an unlimited number of transfers.

The Roth IRA is a non-deductible IRA that offers tax-deferred earnings. Distributions from a Roth IRA, held for at least five years, are tax free if used for a qualified purpose.

Tax-Free Distributions

Traditional IRAs only allow tax deferral, the government collects tax at the time of distribution. Distributions from a Roth IRA are tax free if used for a qualified purpose.*

Qualified Distributions

Tax free distributions include: higher education; buying a first home (up to $10,000); age 59½; death; and disability. In order to qualify, the five year holding period requirement must also be met.

Account Types

To fit your needs, you can open a Roth IRA Savings or Certificate Account.

Contribution Limits (Roth)

Year Contribution Limit
2018 $5,500
2019 $6,000

Catch Up Contributions

Individuals who turn age 50 and older can make a catch-up contribution of $1,000 per tax year in addition to regular contributions. This catch-up contribution may also be made to an IRA for a non-working spouse.


Roth IRAs are available to married couples with incomes below $203,000 for 2019 and single filers with incomes below $137,000 for 2019. In addition, individuals must have earned income to be eligible. The age 70½ requirements do not apply to Roth IRAs.

Rollovers From Traditional IRAs

Traditional IRAs may be rolled into Roth IRAs. This allows depositors to gain the advantage of tax-free distributions in the future.

Visit the branch nearest you, or call (631) 698-7000 ext. 6780.

*Consult your tax advisor.


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