Take advantage of tax benefits while saving for retirement in a self-directed IRA. You can establish a self-directed IRA account with a cash contribution. Check out how much you can contribute to an IRA and the deadline to make this contribution.
An IRA contribution is the money you save in a retirement account. It’s important to know that the total maximum contribution limit applies to all of your IRAs combined. For example, if you have one Traditional IRA and one Roth IRA, the total amount that you can contribute for the 2020 tax year is $6,000 ($7,000 if over age 50).
To make contributions to an IRA, you (or your spouse) must have earned income. As of December 2019, there is no age limit if you have earned income. Earned income includes money from wages when you work for someone or from self-employment income.
Contributions to IRAs may be tax-deductible (except for Roth IRA). Deductions are determined by income and if you are covered by another plan at work. Everyone’s situation is different. We highly recommend that you consult with a qualified tax or financial professional for guidance.
Yes. You can contribute to a traditional or Roth IRA even if you participate in a plan through your employer or business (401(k), SIMPLE, SEP, and so on). However, your deduction may be limited if you (or your spouse) are participating in a plan at work and your income exceeds certain levels. We recommend that you discuss your unique situation with a tax or financial professional.