Recurring transfer to IRA
Here’s a summary of the main problem and solutions discussed in the content:
- Main Problem: The user is unable to set up a recurring transfer of $1000 from a Fidelity brokerage account to their traditional IRA due to an error stating that it exceeds the $7000 contribution limit.
- Solution 1: The user can perform a manual transfer to make contributions instead of setting up recurring transfers.
- Solution 2: The user can opt for a lower amount for the recurring transfers to avoid the contribution limit issue.
Here’s the full thread
Hi,
I am trying to setup a recurring transfer from one of my Fidelity brokerage accounts to my traditional IRA. I just opened the traditional IRA account so there are no contributions at the moment. I attempted to submit a monthly recurring transfer of $1000 but received an error saying that this would exceed the $7000 contributon limit.
I would like to set up 7 transfers of $1000 each month but I receive this error even if I select start date: 3/7/2024 and end date: 4/8/2024 (e.g. two transfers). I’m confused what I’m missing here. Any help would be appreciated!
Hi there, @Extra Mild.
I see what you are saying and it looks like the system will not allow this. I will pass this information along to our development team. In the meantime, you can do a manual transfer to make a contribution or choose a lower $ amt for recurring transfers.
If you have additional questions, please don’t hesitate to ask. We’re always happy to help. 🟢