2024 IRA contribution rules, deadlines, and how to get started.
2024 IRA Contribution Rules
If you are contributing to the current tax year, your contribution can be made as early as January 1. For individuals with earned income, you may contribute up to the maximum of $7,000 if under age 50 or up to $8,000 if age 50 or over. You may contribute as often as you wish during the year (monthly, quarterly, etc.) as long as you do not exceed your eligible limit, which cannot exceed the maximum of $7,000 if under age 50 or $8,000 if age 50 or over.
With a Simplified Employee Pension (SEP), the annual contribution limit increases to $69,000 for 2024, enabling a quick source of funding for a self-directed IRA. Plus, you may still make an additional annual IRA contribution of $7,000 (or $8,000 if you are 50+), you can quickly amass a sufficient balance to start self-directing an IRA.
Deadline to Contribute
The 2024 contribution deadline is April 15, 2025 (excluding extensions). The envelope must be postmarked to STRATA (not your dealer) by April 15 (excluding extensions).
How to Get Started
You may send funds to your IRA by check, ACH, or wire. You will need to complete and submit the Deposit Certification form with your contribution to ensure the funds are deposited for the proper tax year. To learn more, see Fund My Account.
Additional Resources
For a quick chart of IRA contribution limits for Traditional, Roth, SEP, and SIMPLE IRA plans, refer to STRATA’s IRA Annual Limits.