Fund Your Alto IRA with Cash Contributions

A step-by-step walkthrough to help you initiate cash contributions from your Alto dashboard.

IN THIS ARTICLE:

Initiate a Cash Contribution

Cash Contribution Timeline

Cancel a Cash Contribution

Recharacterization of IRA Contributions

Initiate a Cash Contribution

Start funding your Alto IRA with a cash contribution from your personal bank account by following the steps below!

• Log into your Alto investor account and select Transfer Funds  from the top of your dashboard
• Select  Into Alto from the drop-down menu

• Start the Transfer
  • Select cash contribution

 

• • Under Start the Transfer, choose Deposit from your Bank Account (for connected accounts).
    • If you haven’t connected a bank account yet, select Add Bank Account. A Plaid window will open where you can securely link your personal bank account.)
       
      1. Follow the prompts to log in to your bank and authorize the connection.
      2. Once connected, your bank account will appear in the Bank Account dropdown.
      3. Select where the funds are coming from and where you’re bringing them into on the Alto side, then click Continue.

• On the next screen, select the Tax Year for your contribution.
  
  • If the contribution deadline has passed for a given year, that option won’t be available.

• • Enter your Contribution Amount.

• • • You’ll see your remaining contribution limit based on what’s already been contributed. Note: This assumes you haven’t contributed to other IRAs. 
    • You can adjust the amount manually before continuing

• Confirm & Sign
  • Review your details to confirm everything is correct.
    1. If needed, click Make Edits to adjust your information.
    2. Once everything looks good, sign and then click Confirm Transfer.

• You’ll receive a confirmation screen and email receipt once your contribution has been submitted.

Cash Contribution Timeline

Once you’ve initiated a cash contribution from your Alto dashboard:

• Your bank will transfer funds to Alto via ACH.
• After receipt, funds are held for 5 business days before being credited to your Alto account (to allow for any chargebacks).
• You’ll receive an email notification once the funds are available in your account.

Cancel a Cash Contribution

If you need to cancel a cash contribution after initiating it:

• If your bank hasn’t yet processed the ACH, contact your bank immediately to stop it.
• If the ACH has already been sent, ask your bank if it can be reversed.
• If funds have already been credited to your Alto account, they can only be returned through a distribution, which may be subject to taxes or penalties. You can also roll those funds into another retirement account.

Recharacterization of IRA Contributions

If you need to change details of a contribution that’s already been credited to your Alto account (such as the IRA type or contribution year), you can request a Recharacterization.

To do so:

1. Select Transfer Funds at the top of your dashboard.
2. Choose Recharacterization from the drop-down menu.
3. Select AltoIRA as the receiving institution.
4. Enter your account number, account type, and the amount to recharacterize.
5. Complete the form and sign to submit.

 

To learn more about recharacterizations, visit the IRS website or consult a tax professional.

• For which institution will be receiving your funds select AltoIRA
• Enter the account number of your Traditional/SEP AltoIRA account
• Enter The account type
• Enter the amount you want to transfer

• Fill out the required fields on the Recharacterization form and sign

If you have any questions, please reach out to us:

• Phone: 877-673-1557
• Email: help@altoira.com
• Contact Us Form