IRA Essentials

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Whether you are just starting to save or entering retirement, an IRA can be an important part of a sound financial strategy to meet your retirement goals. When you save for retirement with our IRA, you get access to a broad range of investment options, exceptional service, and easy to manage online account.

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IRAs are a powerful resource in helping you reach your retirement savings goals. While these tax-advantaged accounts may seem complicated at first, the basics are much easier to understand than you might think.

Traditional IRA

  • No income limitations for making contributions
  • Contributions may be tax-deductible. See contribution limits
  • Withdrawals are taxed as current income during retirement

Roth IRA

  • Income eligibility limitations
  • Contributions are not tax-deductible. See contribution limits
  • Withdrawals are generally tax- and penalty-free after 5 years and after age 59½

Rollover IRA

  • May have more investment choices and lower fees
  • No taxes or withdrawal penalties at time of transfer
  • Funds can continue to grow tax-advantaged

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FAQs

There are no income limits for Traditional IRAs, however there are income limits for tax deductible contributions.

There are income limits for Roth IRAs. As a single filer, you can make a full contribution to a Roth IRA if your modified adjusted gross income is less than $120,000 in 2018. For 2019, you can make a full contribution if your modified adjusted gross income is less than $122,000. If your modified adjusted gross income is more than $120,000 but less than $135,000, a partial contribution is allowed in 2018. A partial contribution is allowed for 2019 if your modified adjusted gross income is more than $122,000 but less than $137,000. If you are married and filing jointly, you can make a full contribution to a Roth IRA if your modified adjusted gross income is less than $189,000 in 2018. For 2019, you can make a full contribution if your modified adjusted gross income is less than $193,000. If your modified adjusted gross income is more than $189,000 but less than $199,000, a partial contribution is allowed in 2018. A partial contribution is allowed for 2019 if your modified adjusted gross income is more than $193,000 but less than $203,000.

You can contribute up to the lesser of 100% of your earned income or $5,500 for 2018. For 2019, you can contribute up to the lesser of 100% of your earned income of $6,000. Once you reach age 50, con tribution limits on IRAs increase by another $1,000, allowing those who may have put off starting to save for retirement to "catch up" on their savings by contributing an amount over the standard contribution limit.

There is no minimum dollar amount required to open a IRA with us. Some mutual funds may have minimums required to purchase; review each fund’s prospectus for details.

Yes, visit IRA Transfer for a quick overview of the online process or contact our transfer specialists, and they'll guide you through the entire process—from beginning to end. Call 844-788-3474 to get started.

Generally, yes. Contact our rollover specialists, and they'll guide you through the entire process—from beginning to end. Call 844-788-3474 to get started.

Generally, there are no tax implications if you complete a direct rollover and the assets go directly from your employer-sponsored plan into a Rollover or Traditional IRA via a trustee-to-trustee transfer.

However, if you choose to convert some or all of your savings in your employer-sponsored retirement plan directly to a Roth IRA, the conversion would be subject to ordinary income tax. Contact your tax advisor for more information.

If you withdraw the assets from your former employer‑sponsored retirement plan, the check is made payable to you, and taxes are withheld, you may still be able to complete a 60-day rollover. Within 60 days of receiving the distribution check, you must deposit the money into a Rollover IRA to avoid current income taxes.

If taxes were withheld from the distribution, you would have to replace that amount if you want to roll over your entire distribution to your Fidelity IRA. If you hold the assets for more than 60 days, your distribution will be subject to current income taxes and a 10% early withdrawal penalty if you are under age 59½.

You’ll have to replace the 20% that was withheld with your own savings if you want to roll over your entire distribution to your IRA—all within 60 days of receiving the distribution. If you do, the 20% that was withheld is credited toward your income tax liability when you file your tax return. However, if you don’t have the cash to make up for the 20% withheld, the IRS will consider that 20% as a distribution, making it subject to taxes and a possible 10% early withdrawal penalty if you are under age 59½.