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How to 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

Note: In order to contribute cash to your Alto IRA, please add a bank account to your Alto account. You can add a bank account in Your Settings in your Alto dashboard. 

Initiate a Cash Contribution

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

  • Log into your Alto investor account and select Fund My Alto IRA from the I Want To dropdown menu at the top of your dashboard
  • Start the Transfer
    • Select Make a cash contribution from a bank account from the Account Type dropdown menu
    • Select your bank account nickname from the Bank Account dropdown menu
    • Select the year for your contribution from the Tax Year dropdown menu
    • Enter an amount in the box below Contribution Amount
    • Click Continue
  • Confirm & Sign
    • Review the information on that page to make sure everything is correct. 
      *If you need to make changes, then click the Make Edits link below the Confirm and Sign button
    • If everything is correct, then type in your name as indicated by the bolded text underneath the signature box
    • Click Confirm and Sign
  • Add a Credit Card
    • If you haven't added a credit to your Alto account, then click Add a Credit Card to get started
    • If you have already added a credit card to your Alto account, then click Continue and you're done!

Cash Contribution Timeline

Once you've initiated a cash contribution from your Alto dashboard, your bank will transfer your funds to our bank account via ACH. Upon the receipt of your funds in our bank account, the funds will be held there for 5 business days before they will be credited to your Alto account incase of any chargebacks. You will receive an email from Alto once the funds have been credited to your Alto account!

Cancel a Cash Contribution

In cases that you need to cancel a cash contribution after initiating it in your Alto dashboard, you may be able to undo the cash contribution by following one of these steps below:

  • If you change your mind or have made a contribution in error, then you can contact your bank right away to ask them not to send us the ACH.
  • If your bank has already sent your ACH to us, then you may be able to ask your bank to reverse the ACH.
  • If the funds from your cash contribution have already been credited to your Alto account, then the funds can be returned to your bank account as a distribution, which may be subjected to tax penalties. You could also roll those funds to another retirement account where you may not face any tax penalties in doing so. We recommend consulting with a tax professional to receive advice on which would be a better option.

Tip: If you'd like to transfer funds out of your Alto account to a personal bank account, then please reach out to our support team at help@altoira.com or use our Contact Us form so we can help you get started with your one-time distribution.

Recharacterization of IRA Contributions

Recharacterization of IRA contributions refer to when you need to change the cash contribution details if the cash contribution is already credited to your Alto account. The kind of recharacterization that we can help you with includes changing the type of IRA the cash is contributed to or the year of the cash contribution that's already been made. To learn more about recharacterization of IRA contributions, please visit the IRS website here or seek advice from a tax professional. 

If you would like to recharacterize a cash contribution in your Alto account, then you can reach out to our support team at help@altoira.com or use our Contact Us form. 

 

Do you have more questions or need additional help with cash contributions? You can send us a note at help@altoira.com or use our Contact Us form to reach one of our Client Experience Advocates!