IRA contributions

For the 2023 tax year:

You can contribute up to $6,500 (under age 50) and $7,500 (50+) total across all of your IRAs.
You can only contribute to a Roth IRA if your modified adjusted gross income (MAGI) is under $153,000 if you’re single, and $228,000 if you’re filing jointly. Keep in mind, these limits don’t apply to traditional IRAs and can change annually. Visit the IRS website or consult a tax advisor for your specific situation.

Note

You can no longer make contributions to the 2022 tax year in the Robinhood app because it is past the federal tax deadline of April 18th, 2023.

If you’re included within the federal disaster tax deadline extension areas and want to make a prior-year contribution, contact us.

Make a contribution

After you’ve set up your Retirement account with us, do the following to make a new or recurring contribution or an indirect rollover:

Go to Retirement
Select Contribute
Enter the amount you’d like to contribute. You can see the amount you can contribute on Robinhood until you reach your max for the year
Select Continue
Confirm the details of your contribution, including:
a. Frequency - Adjust the contribution to be recurring
b. Funding method – All new IRA contributions, IRA transfers, and 401(k) rollovers can earn the IRA match*
c. Type of contribution – Either New IRA contribution or Indirect rollover
d. Tax year - only make contributions for the current tax year in the Robinhood App
Select Submit

You can view your previous contributions anytime in Retirement → Contributions → History.

Keep in mind

All IRA contributions count toward your annual limit. If you made contributions to another external IRA, you’ll want to factor in those amounts when contributing to your Robinhood IRA.

Recurring contributions

You can set up recurring contributions to your Robinhood IRA. Simply select a Frequency that’s recurring in the steps to Make a contribution, including:

Weekly for a contribution to initiate every Monday
Twice a month for a contribution to initiate on the 1st and 15th of every month
Monthly for a contribution to initiate on the 1st of every month
Quarterly for a contribution to initiate on the 1st of January, April, July, and October

Taxes for contributions

Contributions will be reported on IRS Form 5498, which is issued annually in May.

If you’ve mistakenly allocated a new IRA contribution to the incorrect tax year, you can contact us to request an adjustment.

Keep in mind

Indirect rollovers must happen within 60 days, can only be done once per year, and can’t be adjusted.

Disclosures

Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty tax.

Contents provided are for informational purposes only and don’t constitute tax or investment advice. For specific questions, you should consult a tax professional. Robinhood does not provide tax advice. Links to third party sites are being provided for informational purposes only.

All investments involve risk and loss of principal is possible. Investors should consider their investment objectives and risks carefully before investing.

The Robinhood IRA is available to any of our U.S. customers with a Robinhood brokerage account in good standing. Note, if you have a B-Notice, you won’t be able to open an IRA until your account restrictions are lifted.

Securities trading is offered through Robinhood Financial LLC, a registered broker-dealer and Member SIPC, and a subsidiary of Robinhood Markets, Inc. (Robinhood).

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