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

** 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 2022

  • Contributions can only be made in USD per IRS guidelines
  • Contribution limits for 2022:
    • $6,000 if you are under 50 years old
    • $7,000 if you are 50 years or older

 

Roth IRA Specific Contribution Guidelines for 2022

  • Filing Single - you must have a Modified Adjusted Gross Income (MAGI) under $129,000 to make the maximum contribution to a Roth IRA.
  • If you are Married filing jointly - your MAGI must be less than $204,000 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 2022

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)
  • $61,000 for 2022

 

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