Maximize Your IRA Contributions
From contribution limits and deadlines to how to contribute online, here’s what you should know before making your traditional or Roth IRA contribution:
$6,000 for 2019 and $6,000 for 2020 (plus an additional $1,000 if you're age 50 or older).
Note: Review the IRA Comparison Table to determine if you are eligible to contribute to a Roth IRA.
Traditional and Roth IRA contributions for 2019 are due April 15, 2020.
Link Your Bank Account to Buy Shares
You can buy shares for your IRA with a linked bank account. If your bank account isn’t linked with your American Funds account, you’ll receive step-by-step instructions when buying fund shares. Be sure to have a check or your bank account information on hand.
Exchange Shares From Another Account
You can also exchange shares to contribute to your IRA by moving money from an existing individual or joint American Funds account. Keep in mind that the IRS considers the movement out of the non-retirement account a taxable event.
Set Up an Automatic Investment Plan
You can automatically invest a specified dollar amount on a recurring basis in one or more funds in your account. Take the following steps to set up a plan.
1. Log in to your account.
2. On Your Portfolio, click Automatic Transactions next to the account for which you’d like to set up a plan.
3. Next to Investments, click Add New.
We encourage you to discuss your financial goals, eligibility and individual tax situation with your tax advisor or financial professional.