Use the notification and guidance messages in your Forge Trust Customer Portal to make maintaining asset valuations and your Self-Directed IRA easier.
Forge Trust will be closed on Monday, November 11th, during the Veterans Day Holiday. We will reopen on Tuesday, November 12th, at 8 AM Central.
Reminder: Visit our Contact Us and Forms pages for our updated address and deposit instructions for Tri-Counties Bank. Notify any third parties who make payments to your IRA of these changes.
Give the gift of investing and get rewarded! Spread the word to friends and family! When they open a Forge Trust account, you’ll both be eligible for a choice of a $100 Amazon or VISA gift card. Refer now.
Important Reminder: 2024 RMDs must be submitted by the December 1st deadline to avoid delays!
Use the notification and guidance messages in your Forge Trust Customer Portal to make maintaining asset valuations and your Self-Directed IRA easier.
Forge Trust will be closed on Monday, November 11th, during the Veterans Day Holiday. We will reopen on Tuesday, November 12th, at 8 AM Central.
Reminder: Visit our Contact Us and Forms pages for our updated address and deposit instructions for Tri-Counties Bank. Notify any third parties who make payments to your IRA of these changes.
Give the gift of investing and get rewarded! Spread the word to friends and family! When they open a Forge Trust account, you’ll both be eligible for a choice of a $100 Amazon or VISA gift card. Refer now.
Important Reminder: 2024 RMDs must be submitted by the December 1st deadline to avoid delays!
There are important IRS rules regarding contributions to your IRA account. For details see IRS Publication 590A.
For 2020 and later there is no age limit on making regular contributions to a Traditional or Roth IRA as long as you have earned income during the contribution year. You cannot contribute more than you earn. Contributions must be made by the deadline date.
Account / Contribution Type | Contribution Deadline | Tax Year | Contribution Limit | Contribution Limit with Catch-up (50+ Years) |
---|---|---|---|---|
Traditional IRA | Tax year deadline usually April 15th (2020 extension to July 15th) | 2019 | $6,000 | $7,000 |
2020 | $6,000 | $7,000 | ||
2021 | $6,000 | $7,000 | ||
Roth IRA | Tax year deadline usually April 15th (2020 extension to July 15th) | 2019 | $6,000 * see below | $7,000 * see below |
2020 | $6,000 * see below | $7,000 * see below | ||
2021 | $6,000 * see below | $7,000 * see below | ||
SEP IRA |
Business tax-filing deadline plus extensions |
2019 | Up to 25% of compensation to a maximum of $56,000 | Up to 25% of compensation to a maximum of $63,000 |
2020 | Up to 25% of compensation to a maximum of $57,000 |
Up to 25% of compensation to a maximum of $63,500 |
||
2021 | Up to 25% of compensation to a maximum of $58,000 | Up to 25% of compensation to a maximum of $63,500 | ||
SIMPLE IRA Employee elective deferral | For employees December 31st | 2019 | $13,000 | $16,000 |
2020 | $13,500 | $16,500 | ||
2021 | $13,500 | $16,500 | ||
Individual 401(k) Employee elective deferral | For employee contribution December 31st Refer to the IRS.gov for specific details. | 2019 | $19,000 | $25,000 |
2020 | $19,500 | $26,000 | ||
2021 | $19,500 | $26,000 | ||
Individual 401(k) Employer portion | Tax year deadline usually April 15th Refer to the IRS.gov for specific details. | 2019 | Up to 25% of compensation to a maximum deferral plus employer total of $56,000 | Up to 25% of compensation to a maximum deferral plus employer total of $63,000 |
2020 | Up to 25% of compensation to a maximum deferral plus employer total of $57,000 | Up to 25% of compensation to a maximum deferral plus employer total of $63,500 | ||
2021 | Up to 25% of compensation to a maximum deferral plus employer total of $58,000 | Up to 25% of compensation to a maximum deferral plus employer total of $63,500 | ||
Filing Status | 2020 Modified AGI | 2020 Maximum Contribution | 2021 Modified AGI | 2021 Maximum Contribution |
---|---|---|---|---|
Married filing jointly or qualifying widow/widower | Less than $196,000 | $6,000 ($7,000 if 50+) | Less than $198,000 | $6,000 ($7,000 if 50+) |
$196,000 to $205,999 | Contribution is reduced | $198,000 to $207,999 | Contribution is reduced | |
$206,000 or more | Not eligible | $208,000 or more | Not eligible | |
Single, head of household or married filing separately (if you did not live with spouse during the year) | Less than $124,000 | $6,000 ($7,000 if 50+) | Less than $125,000 | $6,000 ($7,000 if 50+) |
$124,000 to $138,999 | Contribution is reduced | $125,000 to $139,999 | Contribution is reduced | |
$139,000 or more | Not eligible | $140,000 or more | Not eligible | |
Married filing separately (if you lived with spouse at any time during year) | Less than $10,000 | Contribution is reduced | Less than $10,000 | Contribution is reduced |
$10,000 or more | Not eligible | $10,000 or more | Not eligible |