There are 3 ways to fund an IRA. Depending on your situation, you can fund it with one or possibly multiple ways.

1) Transfer an Existing IRA 

  • IRA examples: Traditional, Roth, SEP, Simple, Inherited, Rollover
  • Existing IRAs can be transferred to a new IRA without creating a taxable event or penalty. 
  • If you already have a Bitcoin/Crypto IRA through a different provider, you can likely do an In-Kind Transfer. This allows you to transfer cryptocurrency wallet to wallet without liquidating to your assets.

Transfer Process

  • Once your iTrustCapital IRA is established, our processing team will email you funding instructions.
  • Attached will be two forms to print, physically sign, answer a few questions, scan, and email back to our processing team. 
  • We will add the ‘letter of acceptance’ and wire instructions before forwarding to your current custodian.
  • The transfer process from start to finish usually takes 1-2 weeks.

 

2) Rollover an Employer Plan 

  • Plan examples: 401k, 403b, TSP, 457, some pensions 
  • Plans from previous employers CAN be rolled-over into an IRA. 
  • Plans from current employers MAY be able to be rolled-over into an IRA.  Find out if your current plan qualifies.

Rollover Process

  • Once your iTrustCapital IRA is established, our processing team will email you funding instructions.
  • You will contact your account’s plan administrator and instruct them to rollover your funds to your new IRA.  
  • The rollover process usually takes 2-4 weeks due to employer plans typically only willing to send physical checks. 

 

3) Contribution of New Funds

  • A contribution can only be made in USD per IRS rules.
  • Contribution limits for 2020/2021
    • $6,000 if you are under 50 yrs. old
    • $7,000 if you are over 50 yrs. old

Roth IRA Contribution Guidelines for 2020 

  • Filling Single, you must have a modified adjusted gross income under $124,000 to make the maximum contribution to a Roth IRA.
  • If you are married filing jointly, your MAGI must be less than $196,000 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.

Roth IRA Contribution Guidelines for 2021 

  • Filling Single, you must have a modified adjusted gross income under $125,000 to make the maximum contribution to a Roth IRA.
  • If you are married filing jointly, your MAGI must be less than $198,000 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.

*If you are over the income limits to contribute to a Roth IRA directly, you can setup a Backdoor Roth IRA. 

Contribution process

  • Once your iTrustCapital IRA is established, our processing team will email you funding instructions.
  • You have the option of sending a bank wire or a check.
  • The contribution process typically takes 1-week for new accounts & 2-4 days when adding additional contributions.
    • Note: If mailing a check there is a mandatory 7-day hold before funds will be available.

 

 

Still have questions about your situation?  Schedule a call with a representative.