Eligibility

Am I eligible to open and contribute to a Rocket Dollar Self-Directed IRA account? What are the eligibility requirements?

Anyone with US taxable income or an old retirement account can start a Traditional IRA or Roth IRA.

To do 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 any IRA, including a Rocket Dollar Self-Directed IRA account. Your contributions for 2019 are limited to $6,000 for those younger than 50 or $7,000 for those 50 and older.

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 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. Also 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. 

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