Rocket Dollar Knowledge Base

Am I an eligible contributor to a Rocket Dollar Self-Directed IRA account? What are the eligibility requirements?

Specific qualifications for eligibility to make contributions to a Rocket Dollar Self-Directed IRA are listed below.

To contribute to a new IRA, you must be younger than 70 and 1/2. Depending on your income, filing status, and whether you have a retirement plan at work, you're able to make a contribution to your IRA and the contribution may or may not be tax-deductible.

You must have earned income to contribute to any IRA, including a Rocket Dollar Self-Directed IRA account. Your contributions for 2018 are limited to $5,500 for those younger than 50 or $6,500 for those 50 and older.

To determine how much, if any, of your contribution to your Rocket Dollar Self-Directed IRA is deductible from your taxes, you have to consider your income level, tax filing status, and whether you or your spouse are covered by an employer-sponsored retirement plan (i.e. 401(k)).

Additionally, anyone with a 401(k) plan, 403(b) plan, a 457 plan, a SEP-IRA, a SIMPLE IRA, or a Traditional IRA may be eligible to rollover into a Rocket Dollar Self-Directed Traditional IRA.

 

See Our IRA Plan