I have two questions about Fidelity Roth IRA's. (1) Is there a minimum balance required to open a Fidelity standard Roth IRA , (2) If I do a rollover from a Roth 401K to a Roth IRA , Does the five year rule time starts ticking or do I have to make a contribution from my personal bank account for that to happen?
Thanks for the question, @TravelingTheWorld1993. 1. There is no minimum balance required to open or maintain a Roth IRA here at Fidelity. To learn more about our different account choices, check out: www.fidelity.com/open-account/overview 2. When funds are rolled over from a Roth 401(k) to an existing Roth IRA, the rolled-over funds inherit the same timing as the Roth IRA. This is based on the date of the first contribution to the IRA, whether it is a newly established or an existing IRA. As Fidelity does not provide tax advice, we always recommend checking your specific situation with a licensed tax professional before taking any action. If there are any other questions we can help out with, just let us know!
We're glad to hear this, Umesh! If you have any follow-up questions, please feel free to ask. As always, don't forget to like and subscribe to stay updated on our new videos. Have a great day!
Its amazing how much incorrect information there is on the web regarding Roth conversions. From fidelity website: You can still start the clock on the 5-year rule as of the beginning of the year. This IRS rule requires a waiting period of 5 years before withdrawing converted balances or you may pay a 10% penalty. But the clock starts on January 1 of the year you do the conversion-no matter when during the year it actually happened. The 5-year rule is counted separately for each conversion. They should mention that this 5-year rule does not apply if you are > 59 1/2 and have previously had a Roth IRA for at least 5 years. This would apply to about 95% of people doing Roth conversions.
Thanks for the question and for considering Fidelity for your Roth IRA, too. You can absolutely open up a Roth IRA, which would be unaffiliated with your existing employer-sponsored retirement account. Visit the link below for more and please circle back if we can help with anything else. Open an Account: www.fidelity.com/open-account/overview
Hey there, William. We appreciate you reaching out. We want to start by stating that Fidelity does not provide tax advice. Whether or not you can contribute to an IRA while living abroad depends on your foreign income and the exclusions and deductions you claim. Due to the complexity of the situation, we strongly encourage you to speak with a tax professional for any tax-related questions specific to your circumstances. Keep in mind that when moving abroad, certain restrictions and limitations will be placed on your Fidelity accounts. Clients moving to eligible countries may maintain their accounts but will not be able to establish new ones. While direct deposits to your account will not be restricted, all deposits and proceeds from trades will be reflected as a cash credit balance instead of purchasing into the core money market position. There may be additional restrictions and requirements placed on the account to comply with applicable international laws and regulations for the country in which you reside. Fidelity will not require you to liquidate your securities when moving from the United States to a foreign country. Mutual fund purchases (including money markets) will be prohibited and limited to closing transactions, but dividend reinvestment will continue for existing mutual fund positions. Stock and most Exchange Traded Fund (ETF) purchases will not be affected. Once your relocation is finalized, you'll want to notify us and update your address when this occurs. We appreciate you turning to our social media support for help today. If there's anything else we can assist with, please follow up with us.
What amount Can I transfer into Roth from TRA IRA when I am over 60 retired single living on soc sec plus RMD and would like to pay tax now before rules change so beneficiaries do not have too much taxes to pay when withdrawn all or over a ten year rule considering 75,000/ 4 beneficiaries.
Hey there! Thanks for reaching out to us this afternoon. We're happy to help clarify regarding your Roth IRA. While earned income is a requirement to contribute new money into an IRA, this does not impact the ability to keep an existing account open. For instance, if you have an IRA from a previous year that is funded, you can keep the account open; however, you can only contribute new funds to the account if you meet the earned income requirement. You can learn more about IRA contributions and this year's contribution limit using the link below. IRA Contribution Limits: www.fidelity.com/retirement-ira/contribution-limits-deadlines We appreciate you contacting our social media support for help with your question today. If there's anything else we can help with, please feel free to let us know.
I have two questions about Fidelity Roth IRA's. (1) Is there a minimum balance required to open a Fidelity standard Roth IRA , (2) If I do a rollover from a Roth 401K to a Roth IRA , Does the five year rule time starts ticking or do I have to make a contribution from my personal bank account for that to happen?
Thanks for the question, @TravelingTheWorld1993.
1. There is no minimum balance required to open or maintain a Roth IRA here at Fidelity. To learn more about our different account choices, check out: www.fidelity.com/open-account/overview
2. When funds are rolled over from a Roth 401(k) to an existing Roth IRA, the rolled-over funds inherit the same timing as the Roth IRA. This is based on the date of the first contribution to the IRA, whether it is a newly established or an existing IRA.
As Fidelity does not provide tax advice, we always recommend checking your specific situation with a licensed tax professional before taking any action.
If there are any other questions we can help out with, just let us know!
You Guys are the best , everything is covered , thank you for info!
Great information thanks
We're glad to hear this, Umesh! If you have any follow-up questions, please feel free to ask. As always, don't forget to like and subscribe to stay updated on our new videos. Have a great day!
Excellent video Team
Thanks for watching, Will!
Great information 🎉🎉🎉
Thanks for watching, Nazeer!
@@Fidelity you're welcome 😊
Its amazing how much incorrect information there is on the web regarding Roth conversions. From fidelity website: You can still start the clock on the 5-year rule as of the beginning of the year. This IRS rule requires a waiting period of 5 years before withdrawing converted balances or you may pay a 10% penalty. But the clock starts on January 1 of the year you do the conversion-no matter when during the year it actually happened. The 5-year rule is counted separately for each conversion. They should mention that this 5-year rule does not apply if you are > 59 1/2 and have previously had a Roth IRA for at least 5 years. This would apply to about 95% of people doing Roth conversions.
Want to start a Roth IRA.Already have 401K with fidelity through my job. Can I also do an Roth IRA separate?
Thanks for the question and for considering Fidelity for your Roth IRA, too. You can absolutely open up a Roth IRA, which would be unaffiliated with your existing employer-sponsored retirement account.
Visit the link below for more and please circle back if we can help with anything else.
Open an Account: www.fidelity.com/open-account/overview
I have question on can I keep contributing to my Roth IRA if I move abroad and getting my income abroad?
Hey there, William. We appreciate you reaching out.
We want to start by stating that Fidelity does not provide tax advice. Whether or not you can contribute to an IRA while living abroad depends on your foreign income and the exclusions and deductions you claim. Due to the complexity of the situation, we strongly encourage you to speak with a tax professional for any tax-related questions specific to your circumstances.
Keep in mind that when moving abroad, certain restrictions and limitations will be placed on your Fidelity accounts. Clients moving to eligible countries may maintain their accounts but will not be able to establish new ones. While direct deposits to your account will not be restricted, all deposits and proceeds from trades will be reflected as a cash credit balance instead of purchasing into the core money market position. There may be additional restrictions and requirements placed on the account to comply with applicable international laws and regulations for the country in which you reside.
Fidelity will not require you to liquidate your securities when moving from the United States to a foreign country. Mutual fund purchases (including money markets) will be prohibited and limited to closing transactions, but dividend reinvestment will continue for existing mutual fund positions. Stock and most Exchange Traded Fund (ETF) purchases will not be affected. Once your relocation is finalized, you'll want to notify us and update your address when this occurs.
We appreciate you turning to our social media support for help today. If there's anything else we can assist with, please follow up with us.
What amount Can I transfer into Roth from TRA IRA when I am over 60 retired single living on soc sec plus RMD and would like to pay tax now before rules change so beneficiaries do not have too much taxes to pay when withdrawn all or over a ten year rule considering 75,000/ 4 beneficiaries.
What happens if i loose my income for a year and cant contribute any money for that year.What will happen to my Roth IRA?
Thank you.
Hey there! Thanks for reaching out to us this afternoon. We're happy to help clarify regarding your Roth IRA.
While earned income is a requirement to contribute new money into an IRA, this does not impact the ability to keep an existing account open. For instance, if you have an IRA from a previous year that is funded, you can keep the account open; however, you can only contribute new funds to the account if you meet the earned income requirement. You can learn more about IRA contributions and this year's contribution limit using the link below.
IRA Contribution Limits: www.fidelity.com/retirement-ira/contribution-limits-deadlines
We appreciate you contacting our social media support for help with your question today. If there's anything else we can help with, please feel free to let us know.
🤭🌟💜💜💜