Maximize your retirement savings by making contributions or by aggregating retirement assets. Here are some easy ways to fund your IRA.
Select to Open Now
IRS allowable
contribution limits apply.
An IRA contribution is a deposit of money into an Individual Retirement Account (IRA). IRAs are a tax-advantaged way to save for retirement and require IRS eligibility, typically earned income.
How to get started:
1) Complete Your Application
2) Fund your NASA Federal Account
3) Make an IRA Contribution via:
Select to Open Now
An IRA transfer is the process of moving money from one IRA to another, typically between institutions or within the same institution. This can be done between like IRAs, e.g. IRA to IRA or ROTH to ROTH, etc.
IRA owner authorizes with Transfer Forms and does not provide IRA instructions for funds (over the counter, ACH, wire, etc).
The IRA owner must not receive the assets directly. The IRA owner completes a Transfer Form with the receiving institution. This signed Transfer Form is the IRA owner's authorization for NASA Federal to request your IRA funds. NASA Federal will provide detailed instructions to your other institution to ensure proper IRA handling on your behalf.
Transfers are not reported to the IRS or the IRA owner. The distributing organization does not generate IRS form 1099-R to report a distribution, and the receiving organization does not report the transfer deposit on IRS form 5498.
Select to Open Now
An IRA rollover is the process of moving funds from a retirement account to an IRA. The IRA owner requests funds to be distributed from their IRA with a withdrawal request. Here are some features of an IRA Rollover:
IRA owners receive a distribution of the IRA assets meaning the check is made payable to the IRA owner. The owner can either keep the assets and claim the assets as income, or roll them over into an IRA. The direct receipt allows the IRA owner to use or keep some or all of the assets before "rolling them over" into an IRA.
IRA owners generally have 60 days from the day they physically receive the assets to deposit them into an IRA as a "rollover." The IRS limits IRA rollovers to one (1) per 12 month period for all of your retirement assets.
An IRA distribution is reportable to the IRS and the IRA owner. The distributing organization generates IRS form 1099-R to report the distribution and any withholding. The receiving rollover institution issues IRS form 5498 to report the IRA rollover.
Please be aware that there are federal limits on how much you may contribute to your Individual Retirement Account (IRA) each year. Staying within these limits is crucial to avoiding penalties and ensuring your retirement savings grow efficiently.
Contributing the maximum allowed amount can significantly boost your retirement funds. To stay informed and make the most of your IRA contributions, view our page on IRA Contribution Limits!
Check out our Individual Retirement Account (IRA) rates to see how we can help you reach your goals!
View our Retirement Tools designed to help give you insight on all the options available to you.
If you're looking for a customized approach to investing, reach out to our Investment Services team.
Confidential information such as account numbers and social security numbers should not be sent by email for security reasons. Instead, please contact us directly at 1-888-NASA-FCU, send us a secure message through Online Banking or Mobile Banking, or visit your nearest branch.
The content you are about to view is produced by a third party unaffiliated to NASA Federal Credit Union. NASA Federal takes no responsibility for the content of the page.