There are two main types of IRA contributions that you can initiate on the Transfer page of your account when initiating a contribution from your bank:
Annual contributions. These are new funds that are not already in a retirement account. The annual limit for 2017 is $5,500 as per IRS rules ($6,500 if you are over 50). Roth IRAs have the same maximum contribution limits, but additional income limits may also apply. The total contribution in a given year to all types of IRAs cannot exceed $5,500 (again, $6,500 over 50).
Any recurring deposits that you initiate will automatically be applied to the year in which you're making your contributions. If you’d like to make a contribution for the previous year, make a one-time deposit and choose the correct year from the dropdown. The deadline to make an annual contribution for that year is the tax deadline in the following year. For example, the IRS deadline to make 2016 tax year contributions was April 18th, 2017.
Indirect IRA rollover contributions. Indirect rollover contributions are funds that were withdrawn from another qualified account and deposited into your bank account. They can then be re-deposited into a Betterment IRA of a similar type. An indirect rollover must be completed within 60 days of the distribution and is only permitted once per year, per individual.
If you haven’t already taken a distribution and you would like to initiate a rollover of a retirement account into Betterment, the preferred method is the “direct” method, where your provider sends Betterment your funds directly. This method does not involve you taking possession of your funds, so there’s less chance for error compared to the indirect method. You can get started by clicking the “Rollover” button on the top right hand side of your Summary page.
For more on IRA contributions, please review IRS Publication 590A.