Can I make an IRA contribution for the prior tax year?

Absolutely! You can make a contribution to your IRA account(s) for the prior tax year up to April 10. Please consult IRS eligibility requirements and contribution limits first, and then follow the steps below to make your contribution. 

Please note that IRA contributions must be made with "earned" money – or money earned from formal jobs and odd jobs. Please be aware of contribution limits for IRA accounts so you do not exceed those limits. You can learn more about IRA contribution limits on the IRS website.

 Using our website to make your contribution? Please follow the steps below:

  1. Log into your WiseBanyan account
  2. Select the Funding option from the top menu
  3. Select the bank account you’d like to use for your contribution
  4. Select your preferred IRA
  5. Enter how much you'd like to contribute
  6. Select your tax year (and double check how much you already contributed!)
  7. Click "Submit" and look for your confirmation email.

 Using our mobile app (iOS or Android) to make your contribution from mobile app? Please follow the steps below:

  1. Click the Funding tab on the bottom of the screen
  2. Click Transfer Funds
  3. Select the bank account you’d like to use for your contribution
  4. Select the “To” option (your preferred IRA for the contribution)
  5. Select your preferred IRA
  6. On the Select Tax Year screen, review your contributions and confirm a tax year for the contribution.
  7. Enter contribution amount, click Review Deposit, and confirm deposit.

 Please note that you can only select the tax year for one-time deposits. Auto-deposit contributions are only for the current tax year and cannot be set to the previous year.

Deposits are typically reflected in your account within 2-4 business days. You can also use our Quick Deposit feature for same or next day deposits. Learn more about our Fast Money premium package or Quick Deposits here.

 

 

 

 

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