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Contributions

How do I make a contribution to my IRA Plan?

You can make a contribution to your IRA Plan online or by mail.

To make a contribution online:

  1. Sign in to capitalone360.com with your Username and Password
  2. Click on your IRA Plan
  3. Select the 'Contributions & Distributions' tab

To make a contribution by mail:

  1. Sign in to capitalone360.com with your Username and Password
  2. Click on your IRA Plan
  3. Select the 'Documents' tab
  4. Click on the 'download the form' link in the 'Contributions' section 
  5. Print, complete and return the form, along with the contribution check, mailing it to:
  Capital One 360 IRA Servicing
P.O. Box 60
St. Cloud, MN 56302

Keep in mind, when making a contribution the funds will be deposited into the IRA Savings Account under your IRA Plan. Once those funds are deposited, you can fund an IRA CD under the particular plan. If you have any questions about IRA forms, please email us at ira@capitalone360.com Opens a new window. You can also give us a call at 1-877-955-8700, from 8 AM to 11 PM ET, Monday through Friday.

Can I contribute to an IRA if I have other retirement plans?

You can contribute to an IRA regardless of whether or not you have an employer-sponsored retirement plan and it doesn't change how much you can contribute. However, it could affect your eligibility for deducting your contributions to a Traditional IRA on your tax return.

Remember, the total you can contribute to an IRA applies to all IRA Plans you may have at Capital One 360 and at any other institutions. Make sure you consult your tax advisor.

What's considered eligible money?

Before contributing to an IRA, you must first determine if you are eligible based on your compensation.

Eligible compensation includes:
  • Wages, salaries, tips, commissions received as a percentage of sales
  • Taxable alimony and separate maintenance payment you receive under a decree of divorce or separate maintenance
  • If you are a sole proprietor or a partner, your compensation is based on your net earnings from your trade or business, minus contributions to any employer-sponsored retirement plan you may have and any deduction allowed for 50% of your self-employment taxes
Not considered eligible compensation:
  • Amounts received as interest, dividends, pension, annuity, earnings and profits from property investments
  • Any amounts you exclude from your income

Tip: If you don't have eligible compensation, and you are married, you may be able to use your spouse's compensation as a basis for making a contribution to your own IRA, as long as you file a joint tax return. This is sometimes known as a "spousal IRA," Please check with a tax advisor for more information.

What are the IRA contribution limits?

View the IRA contribution limits Opens a new window for the current year. This limit applies to all IRAs you have, whether it's at Capital One 360 or elsewhere.

If your earned income is less than the contribution limit, then you're only able to contribute up to the amount you earned for the year.

If you're 50 or older by the end of the year for which the contribution is made, you can add up to an additional $1,000 per year. This additional amount is referred to as a "catch-up contribution".

Can I contribute to both a Traditional and Roth IRA?

Yes, but the total contributions you make to all of your Traditional and Roth IRAs (whether at Capital One 360 or other institutions) cannot exceed your compensation or the annual contribution limit, whichever is less.

What are IRA 'catch-up' contributions?

If you're 50 or older by the end of the year for which the contribution is made, you can add up to an additional $1,000 per year.

Can I transfer funds from a retirement plan at another institution into a Capital One 360 IRA?

Yes, after opening your Capital One 360 IRA, you may transfer or roll over retirement money from other qualified retirement plans and institutions.

Learn more about transferring funds into a Capital One 360 IRA at RetireMyWay.com Opens a new window.

What is the contribution deadline each year?

A contribution must be made by the IRS tax-filing due date, generally April 15 (not including extensions). Check with your tax advisor to see when the IRS tax-filing due date is.

Am I eligible to contribute to a Roth IRA?

Unlike Traditional IRA contributions, your ability to contribute to a Roth IRA depends on your income. View the income limitations Opens a new window for Roth IRA contributions.

If your income exceeds the listed limits, you cannot contribute to a Roth IRA. Check with your tax advisor to determine the maximum amount you may contribute to a Roth IRA.

What are the Roth IRA contribution limits?

View the IRA contribution limits Opens a new window for the current year. This limit applies to all IRAs you have, whether it's at Capital One 360 or elsewhere.

If your earned income is less than the contribution limit, then you're only able to contribute up to the amount you earned for the year.

If you're 50 or older by the end of the year for which the contribution is made, you can add up to an additional $1,000 per year. This additional amount is referred to as a "catch-up contribution."

If you own multiple IRAs, the total of all contributions to all IRAs may not exceed this annual contribution maximum.

Does Capital One 360 accept contributions from Simplified Employee Pension (SEP) IRA Plans?

No, we do not accept SEP IRA contributions to your Capital One 360 Traditional or Roth IRA Plans. However, we do accept rollover and transfer SEP IRA contributions to a Capital One 360 Traditional IRA Plan.

IRA Contributions & Distributions

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