How to Add Money on Your Self Directed IRA Account

by D. Laverne O'Neal

If the notion of unrestricted choice appeals, consider opening a self-directed IRA. With a self-directed account, the holder has complete control over how to invest IRA funds. Options include stocks, bonds, notes, real estate, precious metals and commercial paper, among others. Setting up a self-directed IRA requires finding a trustee that understands how to manage the varied asset types. Adding money to your self-directed IRA is no more complicated than adding money to a non-self-directed account.

Check your records to be sure you will not exceed the IRA contribution limit for the year. As of the time of publication, the limit is $5,000, and $6,000 for account holders age 50 and older. The limit is cumulative and includes contributions to any IRAs you own. For example, if you have put $1,500 in a non-self-directed Roth, and $1,500 in a non-self-directed traditional lRA, you can put only $2,000 in your self-directed account.

Write a check in the desired amount to the IRA trustee.

Deliver the check to the trustee by hand or by mail.

About the Author

D. Laverne O'Neal, an Ivy League graduate, published her first article in 1997. A former theater, dance and music critic for such publications as the "Oakland Tribune" and Gannett Newspapers, she started her Web-writing career during the dot-com heyday. O'Neal also translates and edits French and Spanish. Her strongest interests are the performing arts, design, food, health, personal finance and personal growth.