IRA FAQ 

An individual retirement account (IRA), is an account that helps investors save money for retirement with tax-free growth or on a tax-deferred basis. 

  

What IRA account types are offered at M1? 

  • Roth IRA 
  • Traditional IRA 
  • SEP IRA 

Learn more about opening an IRA. 

  

Can I open and contribute to multiple IRAs at M1? 

Yes, you can open and contribute to multiple types of IRAs at M1.  

From 2019-2021, the total contributions you make each year to all of your traditional IRAs  and Roth IRAs can't be more than:  

  • $6,000 ($7,000 if you're age 50 or older) 

OR 

  • If less, your taxable compensation for the year 

 

Can I open a Spousal IRA? 

No, M1 does not offer Spousal IRAs.  

All accounts opened under the same email are registered under the tax ID of the primary account holder. 

 
What is the minimum initial deposit for IRAs? 

$500 is the minimum initial deposit for retirement accounts at M1. 

  

Can I borrow from my IRA? 

No, IRA accounts are not eligible for M1 Borrow. 

  

Can I transfer my Individual or Joint account to my IRA? 

No, since an individual account is taxable and an IRA account is tax-advantaged. The IRS doesn’t allow the direct transfer of securities or cash from an individual account into an IRA account.  

You can withdraw funds from the taxable account and deposit them into the IRA account as a contribution. 

  

What is a backdoor Roth conversion? 

A backdoor conversion moves all, or part, of the balance of an existing traditional IRA into a Roth IRA. Learn more about conversions.

  

What is an IRA Recharacterization? 

An IRA recharacterization occurs when contributions made to an IRA are transferred from the current IRA to an IRA of a different type. Learn more about IRA recharacterizations. 

 

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