Individual Retirement Accounts

What is an IRA?

Traditional IRA

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


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.

Jump to: Contribution Limits | Transfer an IRA to GreenState | Contact the IRA Team | Tax Documents | Common Transactions | IRA Products

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

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
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  • A RMD is the minimum amount of money that must be withdrawn from your Traditional IRA each year.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.


  • 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 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.