Can I make a contribution to my retirement account from my personal bank account?

Unfortunately, GuideStone cannot draft your personal bank account or accept a personal check for your retirement 403(b) or 401(k) contributions. Contributions can only be remitted from the employer. This is an IRS requirement. Typically, contributions are remitted through a salary deferral or from an employer-provided retirement benefit. Click here to learn more about making contributions through your employer.

If you have personal funds that you would like to contribute, the employer must write a check for the amount of after-tax contributions, including a letter of instruction that includes:

1) Contribution source - this must be treated as "tax-paid"

2) Fund allocation 

3) Participant information

In other words, the employer must tell us which source, which mutual fund it should be applied to, and who the contribution is for. You must then reimburse your employer for the amount. The contribution amount will be treated as "tax-paid", meaning that the amount contributed has already been taxed and will not be taxed again upon withdrawal, but any earnings will grow tax-deferred. We recommend checking with your employer and confirm their ability and willingness to do this. 

Alternatively, you can contribute to an Individual Retirement Account (IRA) from your personal bank account and receive the similar preferred tax treatment that you have with your regular retirement contributions. Click here to learn more about IRAs with GuideStone.

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