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.