Still time to fund 2016 HSA, IRA at LAFCU before April 18 tax-filing deadline
LANSING, MI (April 13, 2017) — Two types of savings accounts may be the solution for some last-minute tax savings for people who act quickly. LAFCU offers health savings accounts (HSAs) and IRAs that can be opened and funded before the tax-filing deadline of April 18 for possible savings on 2016 taxes.
“HSAs and IRAs offer tax benefits designed to encourage savings,” said Kelli Ellsworth Etchison, LAFCU senior vice president of marketing. “LAFCU is a not-for-profit organization that exists to serve its members. Based on this philosophy, LAFCU offers attractive credit union rates that help balances in HSAs and IRAs grow.”
Ellsworth Etchison said HSAs are relatively new, so many people may not be aware of the benefits.
An HSA is a tax-sheltered account set aside for qualified medical expenses. Balances carry over from year to year. HSAs are available to those who have an eligible high-deductible health insurance policy. Individuals can have multiple HSA accounts within designated limits.
LAFCU also offers traditional, Roth and Simplified Employee Pension (SEP) IRAs that offer tax advantages.
Anyone who lives, works, worships or attends school in the counties of Barry, Calhoun, Clinton, Eaton, Gratiot, Ingham, Ionia, Jackson, Livingston, Montcalm and Shiawassee can become a member and access LAFCU products.
For more information, contact LAFCU at 517.622.6600 or visit one of its nine branch offices in Greater Lansing and Owosso. Branches will be open Thursday, April 13, 9 a.m. to 5:30 p.m.; Saturday, April 15, 9 a.m. to noon; and Monday – Tuesday, April 17-18, 9 a.m. to 5:30 p.m. All branches will be closed Friday, April 14, in observance of Good Friday.
About LAFCU (MI)
Chartered in 1936, LAFCU is a not-for-profit financial cooperative open for membership to anyone who lives, works, worships or attends school in Michigan and to businesses and other entities located in Michigan. The credit union serves 74,000 members and holds over $986 million in assets. It was named a Best Credit Union to Work For in 2020. LAFCU offers a comprehensive range of financial products and services as well as an expanding complement of financial technology solutions. Members enjoy benefits such as low fees, low interest rates on loans, high yields on savings, discounts, knowledgeable employees and nationwide access to fee-free ATMs. A recipient of the national Dora Maxwell Social Responsibility Community Service Award for credit unions, LAFCU enriches the communities it serves by supporting many organizations and causes. To learn more about LAFCU, call 800.748.0228 or visit www.lafcu.com.
