Individual Retirement Account contributions can be made with:
Cash
Individual Retirement Account (IRA) contributions can be made with cash, check, or electronic transfer. Some IRA custodians also allow IRA contributions to be made through payroll deduction or automatic bank transfers. It is important to note that the contribution limits for traditional and Roth IRAs are the same and depend on the age of the account holder. As of 2021, the maximum contribution for those under 50 years old is $6,000 per year, while those 50 and over can contribute an additional $1,000 as a catch-up contribution, bringing their total contribution limit to $7,000. It is advisable to consult a financial advisor or tax professional for guidance on how much to contribute and the tax implications of IRA contributions.
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