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IRAs (Individual Retirement Accounts)

There has never been a better time to open an IRA account than right now. At Gateway Community, we will help guide you through your choices with information on all IRAs, including Traditional, Roth, and Education IRAs.

  • Minimum deposit $500

  • IRA savings and certificates available

Traditional IRAs

In a traditional IRA, your earnings grow free from federal income tax until you actually start making withdrawals. Over time, the tax-deferral advantage can dramatically affect your retirement funds, permitting them to increase more rapidly. Although withdrawals from a traditional IRA are generally taxable as ordinary income (with the exception that amounts attributable to any nondeductible IRA contributions are returned tax-free), even after paying taxes on your withdrawals, you will normally end up with substantially more money than you would through a conventional savings program.

Roth IRAs

Beginning in January 1998, Individual Retirement Accounts (IRA) began offering a terrific feature that was previously unavailable in qualified retirement plans: totally tax-free accumulation. This new plan was known as the Roth IRA and was part of the Taxpayer Relief Act of 1997 and the IRA Restructuring and Reform Act of 1998.

Investors can establish and add to a Roth IRA by two different methods: (1) Contributions, which represent "new" money and (2) Conversions, which are transfers from existing traditional IRAs. A Roth IRA is funded with after-tax dollars, whether by contributions or by conversions, and there is no front-end tax deductions.

Coverdell Education Savings Account (ESA)

This ESA lets a parent or grandparent give a total of $2,000 annually to a child under 18. The funds must be used for qualified education expenses by the age of 30. Earnings are not subject to income tax if used for higher education costs.

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2300 Great Northern Way
Missoula, MT 59808
Phone (406) 728-4475
Fax (406) 728-0257
Loan Dept Fax
(406) 541-6128
3624 Brooks St
Missoula, MT 59801
Phone (406) 541-9710
Fax (406) 541-9712
4500 Expressway Blvd
Missoula, MT 59808
Phone (406) 532-4441
Fax (406) 532-4458
MEMBER NCUA. National Credit Union Admisnistration, a U.S. Government Agency. Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.
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