Important Notices for Members with Individual Retirement Accounts (IRAs)
• IRA balances as of December 31, 2021 are considered Fair Market Value, and will be the amount that Glass City will report to the Internal Revenue Service (IRS).
• 2021 Required Minimum Distributions (RMDs):
▪ Individuals who reached 70 ½ in 2019 or earlier and did not have a RMD due for 2020 had a RMD due by December 31, 2021.
▪ Individuals who did not reach age 70 ½ in 2019 but reached age 72 in 2021, will have their first RMD due by April 1, 2022, and their second RMD due by December 31, 2022. After the first year, all RMDs must be made by December 31 each year thereafter.
• IRA One-Rollover-Per-Year Rule:
Per the IRS, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. The limit will apply by aggregating all of an individual’s IRAs, including Simplified Employee Pension (SEP) and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit.
The one-per year limit does not apply to:
• Rollovers from traditional IRAs to Roth IRAs (“conversions”)
• Trustee-to-trustee transfers to another IRA
• IRA-to-plan rollovers
• Plan-to-IRA rollovers
• Plan-to-plan rollovers
• Donating IRA Contributions to Charity:
Taxpayers age 70 ½ or older can make a Qualified Charitable Distribution (QCD) from their IRA – up to$100,000 – directly to an eligible charity. It’s generally a non-taxable distribution made by the IRA trustee to a charitable organization. A QCD counts toward their minimum distribution requirement for the year.
For further details regarding any of the information listed above, please visit www.irs.gov, consult your tax advisor,
or contact Glass City at 419-887-1000.
Across the USA
Glass City Federal Credit Union is part of Shared Branching—a network of credit unions across the country that actually shares their branches with each other. As a Glass City member, you can use any other participating credit union’s branch for most deposits, withdrawals, loan payments, transfers, and other transactions.