Contact us at support@carboncollective.co to help your remove excess contributions from your retirement account.
Each year, there is a maximum amount of money you are allowed to contribute to your IRAs because they are tax-advantaged accounts. This amount is the total you can contribute to all Traditional and Roth IRA accounts you have open.
The maximums over the years have trended toward increasing.
2021 - $6.000
2022 - $6,000
2023 - $6,500
2024 - $7,000
This means if you have both a Traditional and Roth IRA, their combined contributed balances cannot be more than the maximum, or $7,000 in 2024.
If you have auto deposits set up or are just not familiar with the maximum contribution rules, it can be easy to over-contribute. It’s important to remove these extra funds to avoid penalties from over-contributing.
If your funds have been invested, we’ll need to liquidate the contribution along with any gains you’ve received. Please contact us at support@carboncollective.co if you’d like to remove excess contributions, so we can calculate the amount you need removed.
Generally, we will send you a DocuSign and submit this to Altruist in order to process the removal. The process takes about 3-4 business days or a week.
Please don't hesitate to reach out to the team if you think you may may need to make an withdrawal of your excess contributions!
How can I check how much I've contributed?
Unfortunately, Altruist doesn't have a super simple way to look at your total year's contributions yet. Good news - this is a feature they're working on implementing!
For now, you can check how much you've deposited over the year by following a few steps:
- Log into Altruist
- Go to Activity and if you have more than one account, change "All Advisor Managed Accounts to your IRA account you'd like to look at
- Filter by at least the past year and by "Deposit"
- Add up the deposit amounts (You may want to click the download arrow in the top corner to add up everything in a spreadsheet.)
If something doesn't look right or if you have any questions, feel free to message us at support@carboncollective.co, and we can help you calculate your total deposit amount.