Qside IRAs help you grow your money so it’s there when you need it most.  We offer Traditional, Roth and Coverdell Education IRAs, all available as IRA Savings Accounts or IRA Certificates.  Whether you’re opening your first IRA or rolling over a 401(k) from a former employer, Qside has an option for you.


Traditional IRA

With a Traditional IRA, contributions are made prior to income taxes and continue to grow tax-deferred, incurring taxes only when funds are withdrawn.  Contributions may also be tax-deductible depending on the owner’s qualifications.  Traditional IRAs may be of interest to individuals who want immediate tax benefits due to its tax-deductible terms. 
 

• Contributions grow tax-deferred.  Taxes must be paid only when funds are withdrawn.
   
• Contributions are tax-deductable.
   
• Contribution limit is $5,000 (pre-taxes).  If you're age 50 and above, the contribution limit is $6,000 (pre-taxes).
   
• Distributions must occur at age 70.5
   
• No withdrawal penalty for members ages 59 ½ and above or for withdrawals involving qualifying education or first home expenses.  There are further possibilities to avoid withdrawal penalties.      
   
• Eligibility  -  Income must be equal to or greater than your contribution and will not reach age 70 ½ by year end. 
   

Roth IRA

With a Roth IRA, contributions are made after initial income taxes but proceed to grow tax-free.   A Roth IRA has fewer withdrawal restrictions than other IRAs and may be of interest to individuals who will need access to their IRA funds.  
 

• Contributions are made after initial income taxes but then grow tax-free.
   
• Contributions are not tax-deductable.
   
• Contribution limit is $5,000 (post-taxes).  If you're age 50 and above, the contribution limit is $6,000 (post-taxes).
   
• Withdraw direct contributions tax-free, anytime.
   
• Withdrawals of earnings (interest earned on direct contributions) are tax-free for members over age 59 ½ or if the Roth IRA has been open for at least five years with stipulations.
   
• No requirements to withdraw money by a certain age, allowing your investment to continue growing tax-free.
   
• Eligibility  -  Income must be equal to or greater than your contribution.  There are no age restrictions.
   
• May convert  a Traditional IRA to a Roth IRA.
   

Coverdell Education Savings Account

Coverdell Education Savings Accounts are designed to help parents and students save for education.   Contributions are made after initial income taxes and are not tax-deductible.  The investment grows tax-free and withdrawals are also tax free when used for qualifying education expenses.  
 

• Contributions are made after initial income taxes but then grow tax-free.
   
• Contributions are not tax-deductable.
   
• Contribution limit is $2,000 (post-taxes) per year, per beneficiary / child.
   
• Withdrawals are tax-free when used for qualifying education expenses (including public / private elementary, secondary and post-secondary schools).
   
• Eligibility  -  Beneficiary / child must be under 18 years old.  Does not apply to beneficiaries / children with special needs.

401(k) Rollover

There are definitely advantages to rolling your 401(k) over into a Qside IRA account, including access to more investment options as well as more direct control over the management of your retirement fund.  Review the Qside IRA options above and contact us to start your 401(k) Rollover today.

APPLY TODAY

Click here to apply for an IRA certificate.

To apply for an IRA savings account, simply call a Member Service Representative at (718) 353-1300 and ask us to mail the appropriate IRA application form to you.