The minimum initial contribution to open an iTrustCapital account is $1,000. The maximum annual contribution is based on IRS limitations. There is no maximum amount for IRA transfers or qualified plan rollovers. Each additional cash contribution has a minimum of $500.
If you are eligible to contribute, the annual limit for Traditional and Roth IRAs in 2023 is $6,500 if you are under the age of 50 or $7,500 if you are over 50. The annual limit for Traditional and Roth IRAs in 2024 is $7,000 if you are under the age of 50 or $8,000 if you are over 50.
Contribution limits for SEP IRAs differ. You can contribute up to the lesser of $66,000 or 25% of your total annual compensation for 2023, and $69,000 for 2024. It is recommended to speak with your tax advisor to determine your SEP IRA contribution limits.
For those with an Inherited IRA account, you may not make annual contributions per IRS guidelines.
For more information, please visit the IRS website.
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