Anyone with US taxable income or an old retirement account can start a Traditional IRA or Roth IRA.
To make new contributions to a new IRA, you must be younger than 70 and 1/2. Depending on your income, filing status, you're able to make a contribution to your IRA and the contribution may or may not be tax-deductible. If you have old IRA contributions, you can always open a new IRA and do a trustee to trustee transfer over to Rocket Dollar.
For Traditional IRAs, there are no income limits. Your income may or may not be tax-deductible.
For Roth IRAs, there are income limits. Check if you qualify.
You must have earned income to contribute to an IRA, including a Rocket Dollar Self-Directed IRA account. Your contributions for the year are limited to $6,000 for those younger than 50 or $7,000 for those 50 and older.
Additionally, anyone with a 401(k), 403(b), 457, SEP-IRA, SIMPLE IRA, or Traditional IRA may be eligible to roll over into a Rocket Dollar Self-Directed Traditional IRA.
What about my child/minor?
Your child must have earned income in order to contribute to an IRA and open one.
When it comes to an IRA where a parent or guardian is making investment decisions for another person's account, Rocket Dollar reserves the right to reject service to anyone that it does not feel comfortable servicing.
Want to read more?
- The opportunities unlocked by opening a Rocket Dollar Self-Directed IRA versus a Traditional IRA
- Using your Rocket Dollar Self-Directed IRA as a tool for environmental and social change
- Choosing between Rocket Dollar's Self-Directed Roth IRA or Rocket Dollar's Self-Directed Traditional IRA? Find the one that is best for you!