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Funding Your Self-Directed IRA: Contribution Limit, Deadline, and Procedure

Contributions

How Do I Make a Contribution to My Account?

To make a contribution to your account within the Self-Directed IRA max:

    1. Issue a check or wire to your Madison Trust IRA using the delivery instructions.
    2. Provide us with a Deposit Information Form. In Section B, you will select "Annual Contribution" and choose an amount within the Self-Directed IRA contribution limit.

How Much Can You Put in a Self-Directed IRA per Year?

For 2024, the Self-Directed IRA max contribution cannot be more than:

  • $7,000 ($8,000 if you're age 50 or older)
  • Your taxable compensation for the year if your compensation was less than this dollar limit

Please note that the Self-Directed IRA limits can change on a yearly basis, so you'll need to seek out the most up-to-date information for any given tax year. Madison Trust Company representatives are always happy to answer these questions for you and do what we can to ensure your financial health.

What Is the Deadline to Make Contributions?

The deadline for contributing any amount up to the Self-Directed IRA maximum contribution is your tax return filing deadline (not including extensions). For example, the deadline for 2023 IRA contributions is April 15, 2024. It's best to make sure your contribution is filed comfortably before the deadline to ensure that the funds go through and don't exceed the year's contribution maximum.

Does Madison Trust Report Contributions to the IRS?

Yes. Your contribution will be reported to the IRS on Form 5498 for the relevant tax year. Remember that contributions to your SDIRA are tax-deductible, so you should have your account records on hand when you file your taxes.

Ready to invest in your future?

Reach out to our team, and we’ll answer any questions you may have.
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Corporate Headquarters:
Madison Trust Company
401 East 8th Street • Suite 200
Sioux Falls, SD 57103
Mailing Address:
Madison Administration Company
One Paragon Drive • Suite 275
Montvale, NJ 07645
Hours:
Monday - Thursday: 9:00AM - 6:00PM EST
Friday: 10:00AM - 4:00PM EST
Saturday/Sunday: Closed
Contact:
(800) 721-4900
[email protected]
F: 845-947-1212
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