USE Credit Union
Checking & Savings

Act Before April 15th to Get Your Special Tax Credit!

The IRS is encouraging low- and moderate-income workers to take steps now to save for retirement and earn a special tax credit in 2014 and years ahead.

According to the IRS, The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and 401(k) plans and similar workplace retirement programs. Also known as the retirement savings contributions credit, the saver’s credit is available in addition to any other tax savings that apply.

Eligible workers still have time to make qualifying retirement contributions and get the saver’s credit on their 2014 tax return. People have until April 15, 2015, to set up a new individual retirement arrangement or add money to an existing IRA for 2014.

The saver’s credit can be claimed by:

  • Married couples filing jointly with incomes up to $60,000 in 2014 or $61,000 in 2015;
  • Heads of Household with incomes up to $45,000 in 2014 or $45,750 in 2015; and
  • Married individuals filing separately and singles with incomes up to $30,000 in 2014 or $30,500 in 2015.

Like other tax credits, the saver’s credit can increase a taxpayer’s refund or reduce the tax owed. Though the maximum saver’s credit is $1,000, $2,000 for married couples, the IRS cautioned that it is often much less and, due in part to the impact of other deductions and credits, may, in fact, be zero for some taxpayers. Consult a tax professional regarding your individual tax situation. Learn more from


Tax-Deferred Growth. No Annual Fee.
And A Full Range Of Investment Choices.

First things first: What is an IRA? Think of it as a savings account with serious tax advantages. Many people mistakenly think an IRA is a type of investment (like stocks, bonds or money market accounts) when in truth it’s an Internal Revenue Service (IRS) designation that bestows tax advantages1 on the type of investment vehicle you choose. That’s why USE Credit Union offers a variety of account types, from savings, Money Market, Term Investments and more, that can be opened as IRAs. Although there are different types of IRAs, all of them give you significant tax breaks that help you reach your retirement goals.

  • Traditional IRA. Still the most popular IRA choice for  individuals, a traditional IRA offers tax-deductible contributions for many taxpayers as well as tax-deferred earnings while your money grows.
  • Roth IRA. Allows you to grow your money tax-free until you retire then receive income without paying taxes on your eligible distributions.
  • Simplified Employee Pension (SEP) IRA. Whether you’re self-employed or a business owner with employees, a SEP IRA allows you to make pre-tax contributions to traditional IRAs established for yourself or your eligible employees.
  • Coverdell Education Savings Account.Designed especially for parents, a Coverdell account lets you save for your children’s education. Not only do your contributions grow tax free, but the proceeds can be withdrawn tax free to pay for qualified education expenses.

Opening A New IRA
Saving for your retirement is one of the most important financial decisions you can make. That’s why USE Credit Union created  Retirement Central® – a one-stop online resource that gives you the tools you need to open your IRA from the comfort of your computer. You can also open your account at any local USE branch or call 866.USE.4.YOU for more information.

More Investment Choices
Credit Union can help there, too. We’ve partnered with LPL Financial, Inc. to give you additional investment options that may be right for you. Visit the investments section of our website to learn more and to make an appointment with our dedicated LPL financial advisor.

1. Please consult a professional tax advisor regarding your personal situation..


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