When moving money from a taxable account to an IRA you can choose to make a new IRA contribution or a 60-day rollover deposit.
Current year contribution
You can make a current year contribution to your IRA directly from your personal or joint investment accounts. Selecting this option will allow us to report the money movement as a current year contribution. Prior year contributions can be made between the first of January and the tax filing deadline. If you would like to make a prior year contribution, please contact us.
When you distribute funds from an IRA or employer-sponsored retirement plan (401(k), 403(b), etc.) to an unqualified account (like a personal bank or investment account), you are permitted to recontribute the distribution to another retirement account as an indirect rollover penalty and tax free- so long as a deposit matching the distribution value enters an IRA within 60 days of when the original distribution was made. Select this option if you are rolling over a previous retirement account into your Wealthsimple IRA indirectly. If you wish to complete a direct rollover, see our Rollover guide.