What is the maximum amount that I can contribute to an IRA?

Limits on contributions are regulated by the IRS and are includible in taxable compensation. An individual’s contributions to all of their traditional (https://www.irs.gov/Retirement-Plans/Traditional-IRAs) and Roth IRAs (https://www.irs.gov/Retirement-Plans/Roth-IRAs) cannot be more than $6,000 in 2022 or $6,000 in 2023 if you are age 49 or younger, or $7,000 in 2022 or $7,000 in 2023 if you’re age 50 or older, OR your taxable compensation for the year, if your compensation was less than this dollar limit, but only if that dollar amount in taxable compensation is received in that year. Contributions may be made from January 1st of each year through April 15th of the following year.

Are there limits on my IRA contributions depending on my age?

A Traditional IRA can receive contributions until the owner reaches age 70, whereas a Roth IRA can receive contributions at any time.

What does the IRS consider “compensation”?

According to IRS publication 590, compensation includes wages, salaries, commissions, self-employment income, alimony and separate maintenance, and non-taxable combat pay.

Am I required to take distributions from my IRA?

The IRS does require any IRA account holder over age 70½ to take a distribution from their Traditional IRA; distributions are based on an IRS calculation that will be calculated by the custodian. There are no required minimum distributions for Roth IRAs.

Will I have to pay maintenance fees associated with my IRA?

Goldstar Trust Company, our third-party IRA provider, charges an annual maintenance fee of $45.00. Currently, Foursquare Financial Solutions will be paying this fee on behalf of the client. Goldstar Trust Company does charge other transaction and termination fees that you as a client would be responsible for. Please be sure to read the IRA Simplifier for exact fees and details.

Why do you use a third-party IRA provider, and who do you use?

Foursquare Financial Solutions has chosen to outsource the tax reporting, account maintenance, and transactions to Goldstar Trust Company, a third-party professional provider. Goldstar Trust Company, located in Amarillo, TX, is a complete retirement service provider specializing in self-directed IRAs. Goldstar is an established leader in the bond and investment markets that FFS serves, and their diversified investment options, commitment to high integrity, and superior customer service have set them apart from competitors.

Your investment in the IRA will be managed by Foursquare Financial Solutions.

How often will I receive statements for my IRA?

Each IRA account holder will receive a statement semi-annually from Goldstar. The statements will be mailed in mid-July and mid-January.

When will I receive tax forms for my IRA?

Each IRA holder will receive from Goldstar the Form 5498 in mid-May stating the ending balance, new contributions, transfers, and rollovers. Any account holder who completes a distribution during the year also will receive from Goldstar a Form 1099 stating the amount of the distribution, which will be mailed by January 31st following the year of distribution.