Opening Your IRA
Funding Your IRA
Investing Your IRA
Ongoing Account Maintenance
How Do I Make a Contribution to My Account?
To make a contribution to your account within the Self-Directed IRA max:
How Much Can You Put in a Self-Directed IRA per Year?
For 2024, the Self-Directed IRA max contribution cannot be more than:
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.