Question

Can someone correct me if I’m wrong please? I’m new to traditional IRAs and Betterment, but if I have $5k to invest before the end of the deadline to contribute for 2019, do I just transfer the money into the IRA and that’s it? Is there something else I need to do to make sure they know it’s for 2019 and not 2020?  

Answer 1

Just transfer the money it is that simple. However you can only put money in for 2019 during 2020 BEFORE you file your 2019 taxes

Comments

I haven’t filed my taxes yet so we’re good on that point

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@cheshvan83 you can put in Roth money after taxes are done but it has to be before the end of tax season. and if you try traditional then you’ll have to amend your taxes (not fun)

Answer 2

My fidelity account asked if it was for 2019 or 2020 contribution when I added to it recently, yours will probably do the same.  

Answer 3

Also, I’m new to all this so with the market being down is this a good time to put that money in the account now?  

Comments

@toll4537 when you put it into the account, it stays in Cash until you choose to make investments. The market will have zero affect on it until you choose to put the money in the market.  

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@toll4537 it’s a great time to put money into your account, because when the deadline hits you lose 2019’s investment window forever. Whether you let it sit in cash or invest it, the window for 2019 is a big deal and I recommend getting it in there before the deadline in April so u can also do more money in 2020 if you wish to later on.  

Answer 4

If your IRA is through betterment, scroll down to your retirement account on your home page (the 1st that pops up after log in). There is a link under the account title that says something along the lines of "make a contribution to your 2019 IRA". It then walks you through it.