Getting Started

Getting Started

Types of Accounts That Qualify

Nearly all retirement accounts can be converted into an IRA. Certain types of accounts are bound by certain rules but the IRA experts at iTrustCapital are very familiar with the fundamentals and are available to help prospective clients through the rollover process. If you have any of the following types of accounts, you should be qualified to start an iTrustCapital IRA without penalties or tax implications.

If you do not have an existing retirement account you can start a new one. The contribution guidelines are below.

IRA ACCOUNT

Any type of IRA (Traditional; Roth; Sep; Simple) can be transferred to a new IRA with no tax implications.

401K/ 403B/ TSP/ 457

Any type of IRA (Traditional; Roth; Sep; Simple) can be transferred to a new IRA with no tax implications.

  • If you have left the company/agency for any reason you can roll over this account into a traditional IRA
  • If you are still with the company/agency you may still be able to move a portion of the account into a traditional IRA, this is called an in-service rollover. Here are the basic rules for an in-service rollover

Additional Restrictions

  1. You must be over 59.5 years of age
  2. You must be fully vested (typically 6-8 years at the company) Option 2 if you are not over 59.5 yrs or fully vested
  3. If you previously rolled retirement funds from the previous employer into this account you can roll the same amount into an IRA (no tax or penalties) *An iTrust Capital representative will be happy to call your current plan administrator with you to see if you qualify with no obligation

Annuity

Many annuities are held inside an IRA. If this is the case the same rules apply as they would to any IRA.

  • The annuity can be liquidated and the funds transferred to your new iTrustCapital IRA with no tax implications.
  • Annuities held outside of an IRA are treated like cash. They can be liquidated and a new IRA (Traditional or Roth) can be established.
  • *An iTrustCapital representative is readily available to call your current plan administrator with you to discuss your options.

IRA Contribution Guidelines - 2019

The following are the IRS guidelines for IRAs. iTrust recommends you consult with a tax professional.

  • 2019 Traditional/Roth IRA contribution limit
    • $6,000 under 50 yrs
    • $7,000 over 50 yrs
  • SEP IRA (Self-employed plan) contribution limit
    • $56,000
  • General Rules
    • You can NOT open and max out one of each type of accounts (Roth/Trad/SEP)
    • You CAN open each so long as total contribution does not exceed the yearly max
    • You CAN open and max out an IRA in addition to maxing out a 401k/403b/etc. with your employer (ie: $19,000 contributed to 401k / $6,000 contributed to IRA)
  • Additional Roth IRA Contribution Guidelines for 2019
    • If you are single, you must have a modified adjusted gross income under $137,000 to contribute to a Roth IRA, but contributions are reduced starting at $122,000. If you are married filing jointly, your MAGI must be less than $203,000, with reductions beginning at $193,000.
    • There are no income restrictions for converting an existing traditional IRA/401k etc. into a Roth IRA.

Questions

Give us a call and speak to an iTrustCapital representative for help.

866-30-TRUST(866-308-7878)

These are the primary accounts we see but from time to time other types of accounts come up and we are happy to help you investigate whether or not they can be converted to an IRA. Please do not hesitate to call and speak with a representative about your specific situation. We are here to help.