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Traditional IRA

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If you don't actively participate in an employer-sponsored or profit-sharing retirement program, you may be able to contribute and deduct from your taxable income the maximum amount permitted.

Even if you are an active plan participant at work, you may contribute to an IRA, and you may be eligible for a full or partial tax deduction. Check with your tax advisor about your eligibility.


An IRA owner may contribute to all her Traditional and Roth IRAs up to the lesser of

  • 100 percent of earned income, or
  • $5,500 for 2018 and $6,000 for 2019 (plus catch-up contributions, if eligible).

IRA owners age 50 or older by the end of the tax year may increase their IRA contributions to help "catch up" on their retirement savings, for a total maximum IRA contribution of

  • $6,500 for 2018 and
  • $7,000 for 2019.

To make a regular Traditional IRA contribution, the IRA owner must

  • Not have attained their 70½ year, and
  • Have eligible compensation (generally earned income) equal to or greater than the Traditional IRA contribution amount.

Spousal Contributions

Spousal contributions are a way to make regular contributions to IRAs. An IRA owner who has little or no income can make a regular contribution based on the other spouse's income if the following requirements are met.

  • The couple must be married and file a joint federal income tax return.
  • One spouse must have compensation or earned income equal to or greater than the IRA contribution.
  • The non-compensated spouse must establish an IRA.
  • The spouse receiving the contribution must not have attained their 70½ year.

The amount of money an individual may contribute per taxable year as a spousal contribution is the same as that for regular IRA contributions ($5,500 for 2018 and $6,000 for 2019, plus catch-up contributions, if eligible).


View current IRA certificate rates

View current IRA savings rates


Traditional IRA and Roth IRA accounts are insured separately up to $250,000 from other accounts that are maintained in Meriwest Credit Union. View NCUA's Your Insured Funds brochure for detailed share insurance information.

To open an IRA account or get more information, call (877) 637-4937 or visit one of our Meriwest Financial Centers.


You can discover more options by calling a Meriwest Wealth Advisor directly at 408-866-1002.

Please consult your tax advisor regarding your individual situation.


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