There is no minimum amount needed to set up an IRA and there are no restrictions on the amount of money you must deposit. Brokerage and advisory firms have their minimum accounts, but the requirement is usually lower than that of a regular taxable account. Regardless of the number of IRAs you have, you can transfer and return money to an IRA within 60 days, tax-free, just once every 12 months. But how do you maximize the benefits of an IRA? Here's how much and how often you should contribute to your traditional or Roth IRA.