What are the yearly contribution limits?
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.
You may also visit the IRS website for more information.
Can I contribute on my spouse's behalf?
Yes, if you file your taxes jointly, the IRS allows you to contribute on your spouse's behalf as long as you have the earned income required.
Can I contribute at any particular age?
You must be 18 years of age or older (with eligible income) to establish and fund an account with iTrustCapital. Since 2020, there is no maximum age limit to contributing to a Traditional and a Roth IRA, though earned income requirements still apply.
For more information, click here.
What happens if I over-contribute?
If you believe you have over-contributed to your IRA, please speak with your CPA or tax professional before submitting a request, as there could be taxable implications in over-contributing.
Once you have reviewed with your CPA, you can submit a request under "Account Funding", then click "Cash Contribution". From there, provide the required information to complete the request.
How to contribute via ACH?
To contribute via ACH, please click here and follow the step-by-step instructions.
What are the requirements to start contributing to an IRA?
Please click here to review the requirements to establish and fund an account with iTrustCapital.
Can I contribute to two separate IRAs?
Yes, you can contribute to two separate IRAs. Please note that annual IRA contribution limits apply to all of the IRAs you own, meaning you can have multiple IRAs, but your cumulative contributions can't exceed the annual limits set by the IRS.
Can I contribute to both an employer-sponsored retirement plan and an IRA?
Yes, it is possible to contribute to both an Employer-Sponsored Retirement Plan and an IRA, but limitations may apply. Please consult with your tax or financial professional before proceeding.
Limits can be referenced on the IRS website.
** This is for informational purposes only. iTrustCapital does not give tax advice. We recommend you consult with a tax professional.