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IRA Contributions

What is a contribution? A contribution is a deposit of non-tax-advantaged funds into a self-directed IRA, 401(k), or another such acccount. Think of it as bringing a check to the bank for deposit, except your IRA deposit can grow in ways your checking and savings accounts never could!

Traditional IRA Contributions

Pre-Tax Contributions - Up to your full contribution amount can be deductible from your income for tax purposes.

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Roth IRA Contributions

Post-Tax Contributions - You pay normal taxes on your Roth IRA contributions, but you may distribute them at any time without paying duplicate taxes. In the meantime, your Roth IRA investments can grow tax-free.

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SEP IRA Contributions

Self-employed individuals can enjoy a significantly higher annual limit on their pre-tax contributions.

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SIMPLE IRA Contributions

Automatically deposit a percentage from your paychecks and your employer will match the contributions (up to 3% of your income). Employers may also contribute 2% of income for all eligible employees.

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Solo 401(k) Contributions

As your business's sole employee, you can make employee (for a personal tax benefit) and employer (for a business tax benefit) contributions to the same account.

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HSA Contributions

Health savings accounts (HSAs) allow tax-deferred contributions and tax-free distributions for qualified medical expenses.

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Coverdell Education Savings Account (ESA)

Coverdell Education Savings Account (ESA) allows post-tax contributions and tax-free distributions for qualified education expenses.

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Key Benefits & Considerations

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  • Some contributions provide an immediate tax deduction while others set you up for tax-free growth down the road.
  • You have until the tax filing deadline (plus any applicable extensions) to make contributions for a given tax year.
  • Annual contribution limits vary by account, but they all grant the opportunity to put a sizable percentage of your income to work in alternative IRA investments.
  • Your plan may accept employer contributions in addition to your own. If you're self-employed, certain plans allow you to make both employee and employer contributions to your one account.
  • Annual contribution activities will be reported and submitted to the IRS via Form 5498, giving you one less document to think about come tax time.
  • You must earn reportable income to legally contribute to any self-directed retirement account. Your contribution limits may vary depending on your income.