Sorry for what might be an elementary question but I always like to ask rather than assume anything which might have tax implications.

I noticed that I have a listing named cash funds when I click on account balance on my online account for my Roth IRA. Is this ‘cash’ already considered part of my yearly contribution limit for the current year and the years past or, if I was to use it to purchase additional investments within my IRA, would it be counted as new money towards my yearly max contribution?

Since this cash is listed under the online IRA account number, I’m thinking it would be available to buy more stock, funds, etc without any risk of tax penalty by creating an overage in the yearly limit. Is this true?

Thank you.