There are different ways you can fund your CryptoIRA:
1) Transfer an Existing IRA
If you have an existing IRA – Traditional, Roth, SEP, Simple, Inherited, Rollover – you can transfer those funds to your new MDM Crypto IRA without creating a taxable event or penalty.
If you already have a Bitcoin/Crypto IRA, you can check with your existing provider if they will do an In-Kind Transfer to avoid having to liquidate your assets.
How will you transfer the funds?
- When you open your Self Directed IRA (SDIRA) with MDM, you will fill up an online form that includes the details of your existing IRA account and fund you wish to transfer.
- We will add that to the wire instructions before forwarding to your current custodian.
- The transfer process from start to finish can take 3 days to 3 weeks. It highly depends on your current IRA account holder.
2) Rollover an Employer Plan
If you have a 401k, 403b, TSP, 457, or other pensions or plans from previous employers, this may be rolled-over into an IRA.
How will you rollover the funds?
- When you open your Self Directed IRA (SDIRA) with MDM, we will send you instructions.
- You will contact your account’s plan administrator and instruct them to rollover your funds to your new IRA.
- The rollover process can take up to 4 weeks, depending on your current plan. They may send you a check or deposit your funds to your bank account.
3) Contribute new funds
Per IRS rules, below are contribution limits:
- 50 years old or below- $6,000
- Over 50 years old – $7,000
However, there are other rules to make a maximum contribution:
If you are filing single, you must have a modified adjusted gross income (MAGI) under $124,000
If you are married filing jointly, your MAGI must be less than $196,000. Good news is that both you and your spouse can open your own Roth IRAs and make the maximum contribution.
To make a new contribution, you can send a bank wire or a check.