Contributon limit with auto transfer
Here’s a summary of the user’s concern and the solutions provided:
- Main Problem: The user is unsure if auto transfers to their IRA will stop automatically once they reach the contribution limit.
- Solution 1: Fidelity does not automatically stop recurring contributions when the maximum contribution amount is reached.
- Solution 2: Users can track their IRA contributions through the Portfolio Summary page on Fidelity’s website.
- Solution 3: Users can set a stop date for their recurring contributions to prevent exceeding the limit by following specific steps in the account management section.
- Additional Resource: A link to the current IRA contribution limits is provided for further reference.
Users are encouraged to manage their contributions proactively to avoid any issues with their IRA limits.
Here’s the full thread
I just had a quick question, once I hit the contribution limit to my IRA will the auto transfer suspended its self until the next year automatically, or will I need to turn it off my self?
Hey there. We’re glad you visited our Discord to check on this. I’m happy to help.
To answer your question, Fidelity will not automatically stop your recurring contributions if you reach the maximum contribution amount. That said, I’m happy to provide some additional information to help you manage your contributions.
First, you can keep track of contributions made to IRAs held at Fidelity on our website. Once logged in, you can locate this information on the Portfolio Summary page. Select any IRA from the list located on the left-hand side of the page, and you will see a card titled “IRA Contributions” that tracks this information. Pro tip: you can customize the layout of cards on our Summary page using the “Customize” link all the way to the right.
Second, if your recurring plan is set up through Fidelity’s platform, you can schedule a stop date for your transfers. If you can calculate ahead of time when the transfer that will put you over the limit will be, you can enter a stop date to end your recurring plan before that date occurs. After logging in, you can follow the steps below to make modifications to your scheduled transfers:
1. Select “Accounts & Trade” and click “Account Features”
2. Under Payments and Transfers, click “Manage” next to Recurring Transfers
3. Select “Edit” next to your plan and update details as needed
4. Scroll down and click “Save”
Finally, I’ll drop the link below to the current contribution limits.
IRA Contribution Limits: https://www.fidelity.com/retirement-ira/contribution-limits-deadlines
Please let us know if we can help with anything else. Have a nice weekend! 🟢