I’ve got a new years’ resolution to open an IRA since I cannot contribute to my company’s 401K until 2019, and was in need of a bit of advice in getting started and had a couple of questions about the setup I was hoping somebody here could answer.
I went ahead and created an account on Vanguard, then it asked me for my banking information. So pardon my ignorance, but I was thinking that if I opened a Traditional IRA that it would go into the Vanguard account pre-taxed, meaning that I would need to have my employer put the money into the account on my behalf since I get direct deposit. Am I mistaken in that assumption? How is it put into the account pre-taxed if it hits my bank account?
I know Vanguard is legit and that ultimately they would need my banking info once I open any other kind of account there but I thought I’d check here to see if anybody could clarify exactly how a Vanguard Traditional IRA is funded/setup.
Any and all input is greatly appreciated!