Explore Fidelity Roth IRA insights, including contribution limits, tax benefits, investment options, and strategies for maximizing retirement savings with a Roth IRA.
Summary of User’s Issue and Solutions: The user is unable to open a ROTH IRA account online at Fidelity due to an error stating their information cannot be verified. The Fidelity representative suggested that the user must fill out a paper application form and send it by mail as a solution to the verification issue….
Here’s a summary of the main problem and solutions discussed in the post: Main Problem: The user’s wife was unable to fund her Roth IRA from a joint savings account due to an identity verification issue. Solution: Contributions from a joint account are considered third-party Electronic Funds Transfers (EFTs) if the contributor is not the…
Summary of User’s Problem and Solutions: The main problem reported by the user, Sheldon, was whether it is possible to merge two accounts into one Roth IRA. Fidelity confirmed that merging a Rollover IRA into a Roth IRA is possible through a process called Roth conversion, which can be completed online if both accounts are…
Summary of User’s Issue and Solutions: The user is unable to use a promotional code for a new ROTH IRA account because it indicates the code has already been used. Fidelity support suggests that the user contact the promotional offers team directly for assistance. Contact hours for the promotional offers team are Monday to Friday,…
Here’s a summary of the main issues and solutions discussed in the post: Main Problem: The user is experiencing persistent issues with the Fidelity app, which has escalated to account restrictions preventing them from making trades. The user confirmed that their app and device are up to date, but reinstalling the app did not resolve…
Here’s a summary of the user’s reported problem and the solutions discussed: Main Problem: The user maxed out their Roth IRA for 2024 while ineligible and requested a Return of Excess, but their Traditional IRA contribution tracker still shows the 2024 contributions maxed out. Solution 1: The contribution tracker will not update after a Return…
Here’s a summary of the main problem and solutions discussed: Main Problem: The user is interested in converting an IRA and a traditional 401k to a Roth IRA but seeks guidance on the process, potential tax implications, and how to avoid moving into a higher tax bracket. Solution: Fidelity provides articles outlining the advantages and…
Summary of User’s Issue and Solutions Discussed: The user wants to contribute to their SEP IRA for the year 2022 before the filing deadline, but the web system only allows transfers for the current year, 2023. Fidelity clarified that the contribution deadline for SEP IRAs aligns with the tax filing deadline of the business, which…
Summary of User Concern and Solutions: Main Problem: The user, Nick, is unable to add money back to his Roth IRA after making a withdrawal because he has already reached the contribution limit of $7,000 for the year. The Fidelity representatives confirmed that withdrawals from a Roth IRA do not reset the contribution limit for…
Here’s a summary of the main problem and solutions discussed in the post: Main Problem: The user mistakenly contributed to a 2024 Roth IRA, unaware that their joint income with their spouse would exceed the contribution limit, and is concerned about the recharacterization process and potential value decrease of the contribution. Solution 1: The user…
Summary of User Concern and Solutions: The main problem reported by the user is the inability to execute a combined order for selling a cash secured put and a call spread, receiving an error message that the order exceeds their option level, despite being approved for both strategies. A suggested solution is to change the…
Summary of User’s Issue and Solutions Discussed: The main problem reported by the user, Dew, was receiving a cash violation on their ROTH IRA and seeking clarification on the cause of the mistake. Fidelity’s representative suggested that due to multiple transactions occurring simultaneously, further research was needed to determine the issue and recommended connecting in…
Here’s a summary of the main problem and discussed solutions from the conversation: Main Problem: User N₿Aneil is unsure about how dividends and margin work in their brokerage account, particularly whether dividends pay down margin debt or are available for withdrawal. Solution: Fidelity representatives clarified that any cash deposited, including dividends received, will first be…
Here’s a summary of the main problem and solutions discussed in the post: Main Problem: The user reported that fractional shares were not transferred from their Fidelity account to Robinhood during the ACATS process. Solution: Fidelity indicated that after the initial transfer, they would liquidate the fractional shares within 3-5 business days. Solution: Funds will…
Summary: The main problem reported by the user revolves around understanding how contributions to a Roth IRA work, particularly regarding the tax implications. Contributions to a Roth IRA are made with post-tax money, meaning taxes have already been paid on those funds. Clients typically transfer funds from their bank account, which were received from their…
Here’s a summary of the main problem and solutions discussed: Main Problem: The user is unsure if they can roll over funds from their old company’s 401(k) into a Roth IRA, given the annual contribution limit of $7k and whether their 401(k) is a Roth or pre-tax account. Solution 1: If the user has a…
Summary of User’s Inquiry and Solutions Provided: The main problem reported by the user is the discrepancy between the contribution number on their Roth IRA page and the amount listed on their Form 5498, leading them to seek clarification on how to view their total contributions for 2023. Fidelity explained that users are responsible for…
Summary of User’s Inquiry and Responses: The main problem reported by the user, Amy, is uncertainty about whether to convert her existing Roth IRA to a Fidelity Go account or to open a separate account, along with questions about investment limits and the pros and cons of this decision. Fidelity explained that Fidelity Go is…
Main Problem: The user is seeking guidance on transferring multiple accounts from TD Ameritrade to Fidelity, specifically regarding the transfer process for an Individual Taxable Account, a Rollover IRA, and a Roth IRA. Solutions Discussed: The user can initiate the transfer process for all three accounts, but may need to open new accounts at Fidelity…
Summary of User’s Issue and Solutions: The user is unable to open a Roth IRA due to verification issues with their information after recently turning 18. One suggestion is to wait a few weeks for credit and identity reports to update, as this may resolve the verification problem. Another solution is to contact Fidelity directly,…