Building wealth is an important goal and you can use your retirement accounts to help, but you need to keep a few important things in mind: deadlines to contribute, and contribution limits. Contribution limits have increased for 2019.
Deadlines and Contribution Limits
For some IRAs, the deadline to contribute is also tax filing day – April 15 – so if you have not maximized your contribution yet for 2018, you still have time.
Individuals over age 50 can also make catch-up contributions of additional funds.
Midland clients can easily make contributions using the Midland360 online portal, which provides 24-hour access to your account.
When you log in to your client portal, select the “Transactions” tab at the top, then choose “Submit Cash Contribution.” Complete the necessary information and click the button to go to the next page to confirm your transaction. Midland then pulls the funds from the bank account you assigned and deposits that amount into your self-directed account with Midland. The contribution process takes 2-3 business days for funds to be received, so be sure to submit requests prior to the deadline.
If you received a tax refund, you can use that refund to automatically fund an IRA. Please consult with your own tax advisor for specifics on using IRS Form 8888.
Contribution Limits for 2018*
|Catch Up Contributions||Roth IRA||Traditional IRA WITH an Employer Plan||Traditional IRA without an Employer Plan|
|Under Age 50||$0||$5,500||$18,500**||$24,000**|
|Over Age 50||$1,000||$5,500||$18,500**||$24,500**|
**Contribution limits are total for all plans and are based on income levels and will vary. Please consult your tax or investment advisor for information specific to your situation.