Explore Fidelity Roth IRA insights, including contribution limits, tax benefits, investment options, and strategies for maximizing retirement savings with a Roth IRA.
Main Problem: The user is concerned about the tax implications of withdrawing $6,500 from their Roth IRA due to not submitting a Return of Excess Contributions form. Discussed Solutions: Complete a Return of Excess Contributions (ROE) form to remove the over-contribution from the account, regardless of earnings. Consider recharacterizing the contribution from a Roth IRA…
Summary of User’s Concerns and Solutions Discussed: The user is struggling to fill out the EFT form due to difficulties locating their routing and account numbers for their IRA account. Fidelity support directed the user to a link for finding routing and account numbers, which requires logging in to their Fidelity account. Once the EFT…
Here’s a summary of the main issue and the solutions discussed in the conversation: Main Problem: The user, Luke, asked if Fidelity charges a fee for filing a 990-T when investing in MLPs within a Roth IRA, particularly if the gains are under $1,000. Solution: Fidelity responded that they do not charge a fee for…
Here’s a summary of the main problem and solutions discussed in the conversation: Main Problem: The user wants to sell shares of FSKAX in their Roth IRA to invest in FXAIX but is unsure how to do this without incurring taxes or losing money. Solution 1: It was confirmed that selling shares within a Roth…
Summary of User’s Concerns and Solutions: Main Problem: The user needs to fund their individual brokerage account but is confused because the account is labeled as the funding account for their crypto account, and they want to short-sell Boeing quickly. Solution: To short-sell, the user must enable the margin feature on their brokerage account, which…
Here’s a summary of the main problem and solutions discussed in the post: Main Problem: Harrison is confused about how SPAXX determines its dividend and wants to understand the math behind it. Solution: Fidelity representatives explained that SPAXX dividends are based on daily money market yields, which are calculated and paid out at the end…
Here’s a summary of the main problem and solutions discussed: Main Problem: The user is struggling to invest the last few cents in their Roth IRA, as dollar-based buy orders are not executing as expected, leading to frustration. Solution Offered: FidelityHeather explains that dollar-based orders are converted to shares and rounded down to the nearest…
Here’s a summary of the main problem reported and the solutions discussed: Main Problem: The user, Regorian, is uncertain whether distributions from an inherited IRA can be used to fund their own Traditional or Roth IRA, as they are a non-eligible designated beneficiary required to deplete the inherited account within 10 years. Solution: FidelityLinsey advised…
Here’s a summary of the main issue and solutions discussed: Main Problem: The user is unclear if their idle cash will automatically go into the auto-sweep when opening a Roth account and how to change the core position to specific money market funds. Solution: Fidelity accounts automatically establish a core position for processing cash transactions…
Summary: The main problem reported by the user, Jim Covert, is whether he needs to wait for the check from his Traditional IRA to be confirmed deposited in his 401(k) before initiating a Roth conversion, given that he currently has no pre-tax money left in his IRA. Fidelity clarified that there is no requirement to…
Main Problem: User wants to prevent uninvested cash in their Roth IRA from being swept daily into a money market fund and prefers to keep it in their cash account instead. Solutions Discussed: Fidelity explains that a core position is used for uninvested cash and offers various options for core positions. User can refer to…
Here’s a summary of the main problem reported by the user and the solutions discussed: Main Problem: The user wants to know if they can buy funds in their Roth IRA directly using money from their separate brokerage account without having to transfer funds first. Solution 1: It is possible to transfer cash from the…
Summary of User’s Inquiry and Solutions Provided: The main problem reported by the user is the desire to transfer stock or ETF holdings from one brokerage account to another within Fidelity, without selling and rebuying the assets. Fidelity representatives confirmed that users can perform a “transfer in-kind” between like-registration Fidelity accounts by following these steps:…
Summary of Main Problem and Solutions: The user, Kelaum, is concerned about withdrawing $9,000 from their Roth IRA, specifically whether they can do so penalty-free after only having the account for 8 months. Withdrawals of contributions to a Roth IRA can be made at any time without penalty or tax, as taxes have already been…
Summary: The main problem reported by the user is the desire to transfer shares of QQQ from their brokerage account to their Roth IRA account with Fidelity. Transferring shares directly into a Roth IRA is not allowed; contributions must be made in cash. Shares can be transferred out of a Roth IRA to a taxable…
Summary of the conversation: Main Problem: The user is concerned about keeping their Fidelity account active to prevent it from becoming inactive. Solution: Fidelity accounts will not close due to inactivity as long as there are funds in the account. Additional Activity: Investment activity, such as earning interest or dividends, counts as account activity. Zero…
Summary of User Inquiry and Solutions: Main Problem: The user is concerned about the implications of moving out of the U.S. on their ability to maintain and manage their brokerage account, including deposit capabilities and investment activities. Users can continue depositing funds into their brokerage account from a U.S. bank account after relocating, but must…
Summary of User’s Issue and Solutions Discussed: The main problem reported by the user is uncertainty about whether rolling over an old 401k, which contains both Roth and pre-tax contributions, into a Roth IRA will create a traditional IRA for the pre-tax portion. Fidelity representatives clarified that a direct rollover to a Roth IRA would…
Here’s a summary of the main problem and solutions discussed in the post: Main Problem: The user wants to know if they can move securities between their Fidel Brokerage account and their Fidel Roth IRA without selling and rebuying the securities. Solution: The IRS guidelines state that contributions to retirement accounts, including Roth IRAs, must…
Main Problem: The user is experiencing difficulties with the Transfer of Assets (TOA) process from Vanguard to Fidelity, specifically encountering a loading issue when trying to submit the transfer online. Solutions Discussed: Fidelity suggested troubleshooting the issue by clearing cache and cookies or trying a different browser or device. If the issue persists, the user…