3663. How are contributions to a myRA made?Alexis Longrcline212015-06-05T17:51:00Z2015-06-05T17:51:00Z11861063Summit Business Media821247140f08e536-ecc3-4201-b7c3-d3285df31d4d|be8873da-1f57-45ad-91c8-0640be44bea8|601c600f-40c1-4215-a5a6-ab85d158beaa3663. How are contributions to a myRA made? How much can be contributed each year?Employees of participating employers will sign up for myRA accounts online and will make contributions through payroll direct deposit that is arranged through the employer. Despite this, myRA accounts are not associated with the employer. If a taxpayer changes jobs, he or she can simply set up direct deposit with the new employer and continue contributing to his or her account. These contributions will be made automatically via direct deposit into the myRA. Matching employer contributions will not be permitted. .See http://myRA.treasury.gov/about.The myRA website indicates that additional methods of contributing to a myRA account will become available in the future, including ways for savers to contribute directly to their own account. There is no minimum contribution required to set up a myRA account, allowing participants to contribute as little as a few dollars a month up to $5,500 per year (or $6,500 per year for individuals 50 and older) –same as the contribution limits to Roth IRAs. The account can grow until it has a maximum balance of $15,000 or maintain a lower balance for up to 30 years. See Q 3664 for distribution requirements associated with a myRA account.