Tax Day is April 18, 2022. Visit the Tax Resource Center to help you prepare.

How to buy mutual funds from Thrivent

We’re delighted you’re considering Thrivent Mutual Funds. No matter how you buy, we’re here to help you invest with confidence.

Buy online through Thrivent Funds

You can open an account and purchase funds right on our site.

Why buy online?

  • Set up an account starting with as little as $50 per month1
  • Access your online account at your convenience.
  • Purchase funds without transaction fees or sales charges.

 

Buy through a financial professional

Need more guidance? Ask your financial professional about Thrivent Mutual Funds.

Why work with a financial professional?

  • Receive investment help from an experienced professional.
  • Build a relationship through in-person meetings.
  • Get help planning for life’s goals such as saving and retirement.

Additional fees may apply, when working with a financial professional.

 

Buy through an investment account

Our funds can be purchased through other online brokerage platforms. Search for Thrivent Mutual Funds when making your selections.

Why buy through a brokerage account?

  • Add Thrivent Mutual Funds to investments within your existing portfolio.
  • Take advantage of your account to keep your investments in one place.

Additional fees may apply.

 


Not quite ready?

We want you to invest your money wisely and with confidence. Here are some other options that may help you.

 

Need more help?

Call or email us.
1-800-847-4836

M-F, 8 a.m. – 6 p.m. CT
Say “ThriventFunds.com” for faster service.
Contactus@Thriventfunds.com or,
Visit our support page

 

1 New accounts with a minimum investment amount of $50 are offered through the Thrivent Mutual Funds “automatic purchase plan.” Otherwise, the minimum initial investment requirement is $2,000 for non-retirement accounts and $1,000 for IRA or tax-deferred accounts, minimum subsequent investment requirement is $50 for all account types. $50 a month automatic investment does not apply to the Thrivent Money Market Fund or Thrivent Limited Maturity Bond Fund, which have a minimum monthly investment of $100.

Now leaving ThriventFunds.com

 

You're about to visit a site that is neither owned nor operated by Thrivent Mutual Funds.

In the interest of protecting your information, we recommend you review the privacy policies at your destination site.

Gene Walden
Senior Finance Editor

RETIREMENT PLANNING

2022 IRA contribution rules & limits

12/21/2021
By Gene Walden, Senior Finance Editor | 12/21/2021

Here are the 2021 and 2022 rules and contribution limits to help you get the most out of your IRA:

Who qualifies?

You can contribute to an IRA if you (or your spouse, if filing jointly) have “taxable compensation,” also known as “earned income.” The following table shows what types of income would be considered “taxable compensation” and which types would not.

 

Compensation for Purposes of an IRA

Includes:

  • wages, salaries, etc.
  • commissions
  • self-employment income
  • nontaxable combat pay

Does Not Include:

  • earnings and profits from property
  • interest and dividend income
  • pension or annuity income
  • deferred compensation
  • income from certain partnerships
  • any amounts you exclude from income
  • alimony and separate maintenance

How much can I contribute?

For the 2021 and 2022 tax years, you can contribute the lesser of $6,000 (or $7,000 if you’re age 50 or older by the end of the year) or your taxable compensation for the year.  This is the maximum amount you can contribute across all your traditional and Roth IRAs. Note that Roth contributions may be limited if your earnings exceed certain limits. See below for details.

Can my spouse contribute?

Even if your spouse doesn’t work, he or she can contribute to an IRA if you’re a wage-earner. But there are limitations.

Again, you can’t contribute more than you make in taxable compensation. But if you make over $12,000 (or $14,000 if you both are 50 or over), you may be able to contribute the full amount for each of you to a traditional IRA. In other words, for those under 50, that would come to $6,000 per spouse for a total of $12,000 for 2021 and 2022.

However, keep in mind that you can’t contribute the maximum to a traditional IRA and still contribute to a Roth IRA. If you and your spouse contribute the maximum of $12,000 (or $14,000 if you both are age 50 or over) to traditional IRAs, you would not be able to contribute to a Roth IRA during the same tax year.

When should I make contributions?

Contributions can be made to your IRAs at any time during the calendar year and as late as the due date for filing your tax return (which is usually on or around April 15 of the following year). (See: Saving to your IRA now could make a big difference later)

That means that even if you haven’t yet made an IRA contribution, you have until the April tax filing deadline to still make the contribution for this year. That could reduce your taxes on your previous year’s returns.

Are there age restrictions?

Working individuals may continue to contribute to their IRA for as long as they have earned income. This represents a change in the tax law as part of the SECURE Act of 2020. There are also no age restrictions for contributions to Roth IRAs. (See: SECURE Act alters retirement investing options for individuals and businesses)

Are there upper income restrictions?

There are no upper income limitations on contributing to a traditional IRA, although there are income restrictions for taking a deduction for your IRA contribution if you or your spouse are participating in an employer plan at work.

Limitations to qualify for a deduction on your traditional IRA contributions

Married filing jointly, with a workplace plan: For 2021, phase out starts at $105,000 with no deduction at $125,000. For 2022, phase out starts at $109,000 with no deduction at $129,000 and above.

Married, filing jointly, without a workplace plan (but your spouse participates in a plan): For 2021, phase out starts at $198,000 with no deduction at $208,000. For 2022, phase out starts at $204,000 with no deduction at $214,000 and above.

Single and head of household, covered by workplace retirement plan: For 2021, phase out starts at $66,000 with no deduction at $76,000. For 2022, phase out starts at $68,000 with no deduction at $78,000 or above.

Married, filing separately: Phase out starts at $0 with no deduction at $10,000 or above. (If you make deductible traditional IRA contributions and also request a qualified charitable distribution (QCD), the QCD amount will be reduced by the amount of the traditional IRA deductions.)

Roth IRA contributions

If you earn above these income restrictions and you still want to contribute to an IRA, opening a Roth IRA may be a better option than a traditional IRA if you meet the Roth income limits.

Although a Roth IRA wouldn’t provide a tax benefit for the current year, it would grow tax-deferred, and you would have the benefit of tax-free qualified withdrawals later, whereas traditional IRA withdrawals are taxed.

For tax-free withdrawals of investment gains within a Roth IRA, withdrawals must be taken after age 59½ and after a five-year holding period. There are exceptions, such as a first-time home purchase (up to $10,000), disability, or pay-outs to a beneficiary. The penalty may also be waived prior to 59½ for higher education expenses, birth or adoption ($5,000 limit), medical premiums, and substantially equal periodic payments (SEPP).

For a Roth IRA, single filers must have a Modified Adjusted Gross Income (MAGI) under $140,000 in 2021 and under $144,000 for tax year 2022. Contributions would be reduced on a sliding scale with MAGI between $125,000 and $140,000 for 2021 and between $129,000 and $144,000 for 2022.

Married couples filing jointly must have MAGI under $208,000 in 2021 and under $214,000 in 2022 to qualify for a Roth IRA. Contributions would be reduced on a sliding scale with MAGI between $198,000 and $208,000 in 2021 and between $204,000 and $214,000 in 2022.

The following table lays out the income limitations for your eligibility for contributing to a Roth IRA.


Married & filing jointly or qualifying widow(er)

Your modified adjusted gross income

What you can contribute

  • Less than $198,000 in 2021 and less than $204,000 in 2022
  • up to the limit
  • Greater than or equal to $198,000 or less than $208,000 in 2021 and greater than or equal to $204,000 but less than $214,000 in 2022
  • a reduced amount                                                                                                                              
  • Greater than or equal to $208,000 in 2021 and $214,000 in 2022
  • zero

Married filing separately & you lived with your spouse at any time during the year

Your modified adjusted gross income

What you can contribute

  • Less than $10,000 in 2021 and 2022
  • a reduced amount                                
  • Greater than or equal to $10,000 in 2021 and 2022
  • zero

Single, head of household, or married filing separately & you did not live with your spouse at any time during the year

Your modified adjusted gross income

What you can contribute

  • Less than $125,000 in 2021 and less than $129,000 in 2022
  • up to the limit                                                                 
  • Greater than $125,000 and less than $140,000 for 2021 and greater than $129,000 and less than $144,000 for 2022
  • a reduced amount
  • Greater than or equal to $140,000 for 2021 and greater than or equal to $144,000 for 2022
  • zero            

What are taxes and penalties for early withdrawal?

All contributions and earnings you withdraw from your traditional IRA are taxable. If you are under age 59 ½ you may also have to pay a 10% tax for early withdrawals, unless you qualify for an exception.

(See: Contribution rules & limits for IRA and CESA)

Take advantage of tax contribution limits and Open a Thrivent Funds IRA today.

 


Stay informed

Interested in receiving a monthly digest of market events, investing essentials and our current perspectives on the market?


The information provided is not intended as a source for tax, legal or accounting advice. Please consult with a legal and/or tax professional for specific information regarding your individual situation.

Related content

12/21/2021

Pairing a Roth IRA with your 401(k) could work smarter for you and your retirement

Pairing a Roth IRA with your 401(k) could work smarter for you and your retirement

Pairing a Roth IRA with your 401(k) could work smarter for you and your retirement

If you already contribute to a 401(k) plan at work, you are taking a big step toward saving for your retirement. But many people may still fall short of the funds they’ll need to finance a comfortable retirement.

If you already contribute to a 401(k) plan at work, you are taking a big step toward saving for your retirement. But many people may still fall short of the funds they’ll need to finance a comfortable retirement.

12/21/2021

12/14/2021

If you’re self-employed, you can still benefit from a tax-deferred retirement plan

If you’re self-employed, you can still benefit from a tax-deferred retirement plan

If you’re self-employed, you can still benefit from a tax-deferred retirement plan

If you’re self-employed, you can open a Simplified Employee Pension Plan (SEP) that may allow you to contribute thousands of dollars each year to a tax-deferred account. Learn more.

If you’re self-employed, you can open a Simplified Employee Pension Plan (SEP) that may allow you to contribute thousands of dollars each year to a tax-deferred account. Learn more.

12/14/2021