What do I need to open an IRA?
To open an IRA with Forge Trust Co., you need to provide some basic personal information such as your name, contact information and social security number, and provide and maintain a minimum cash balance of $500.
The funds for a new account must originate from a contribution, rollover or transfer from another qualified plan or earnings or liquidations from within your account.
How do I open an account?
You can open an account by simply completing an online application or you can complete an Application Kit using either a PDF or DocuSign form. For more detail, please refer to Account Opening Section to choose the type of IRA account.
How do I fund my account?
You can fund your account in three ways:
- You may make a contribution for each tax year, provided you are eligible to do so.
- You may rollover funds from another qualified plan (i.e. 401(k), Profit Sharing Plan, IRA, etc.).
- You may transfer funds from another custodian where you have a similar IRA.
Whenever you make a deposit, you must complete a Deposit Notification Form.
Why do you have a minimum balance requirement?
We require a minimum cash balance of $500 be maintained in the custodial cash account to provide for efficient processing of fees. This cash balance is part of your account and must originate from a contribution, rollover or transfer from another qualified plan, earnings, or liquidations from within your account. Failure to maintain this balance may result in the distribution of the account to the participant.
How much may I contribute to an IRA?
The maximum amount you may contribute is the lesser of your earned income or $6,000 if you are under age 50. If you are 50 or over you may contribute $7,000. Your non-working spouse may also contribute up to $5,500 if your joint income equals or exceeds the amount you both contribute. If you are over 50 years of age, you may also make a “catch-up” contribution of $1,000.
Please see IRS publication 590A for more information.