Take Action to Protect your Rights and Information.
As Congress considers critical new infrastructure spending, policymakers are eyeing unconventional sources of revenue to fund their plans.
One proposal under consideration would require credit unions and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone into and out of accounts holding more than $600.
There are limits on the amount of income one can make during a given year—and the limits change from year to year. Please visit the IRS website for details.
Note: The IRS maintains a page that provides additional information about Roth IRAs. You can find that page here
http://www.irs.gov/Retirement-Plans/Roth-IRAs and you will want to link on a regular basis. The IRS might update its site and change the location of the information.
Another option is for your credit union to update the answer to this question yearly.