How can I fund my IRA once it’s set up? How can I fund my IRA once it’s set up?

How can I fund my IRA once it’s set up?

Contributor Contributor

To add funds to your iTrustCapital account, you will begin by:

1. Logging into your iTrustCapital dashboard.

2. Once in your dashboard, go to the USD section and click the "Add Funds" button

3. There are 3 ways to fund your account:

4. Depending on the method chosen, we will email you the appropriate funding instructions once the process is initiated.

You can follow our more in-depth article on how to fund your account here

** Please Note: We are not able to fund these accounts with crypto unless they are coming In-Kind from another Crypto IRA.

 

Contribution Guidelines for Traditional and Roth IRAs

Contribution Guidelines Applicable to Both for 2023/2024

  • Contributions can only be made in USD per IRS guidelines
  • Contribution limits for 2023:
    • $6,500 if you are under 50 years old
    • $7,500 if you are 50 years or older
  • Contribution limits for 2024:
    • $7,000 if you are under 50 years old
    • $8,000 if you are 50 years or older

Roth IRA Specific Contribution Guidelines for 2023/2024

  • Filing Single - you must have a Modified Adjusted Gross Income (MAGI) under $153,000 (2023) or $161,000 (2024) to make the maximum contribution to a Roth IRA.
  • If you are Married filing jointly - your MAGI must be less than $228,000 (2023) or $240,000 (2024) to make the maximum contribution to a Roth IRA
    • If eligible, both you and your spouse can open your own Roth IRAs and make the maximum contribution

SEP IRA Specific Contribution Guidelines for 2023/2024

Employer contribution limits made to an Employee's SEP-IRA cannot exceed the lesser of:

  • Approximately 25% of the employee's compensation (based on a formula - please confer with your tax professional)
  • $66,000 for 2023 and $69,000 for 2024

 

For those with an Inherited IRA account, you may not make annual contributions per IRS guidelines