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Through the Electronic Funds Transfer service, you can contribute to your IRA. When in doubt about an order in an IRA, consult your tax advisor before placing the order.
For information about withdrawing from your IRA, see IRA Withdrawals. For information about transferring money between your Fidelity and bank accounts, see About Transferring Money or Shares.
The maximum amount of an annual IRA contribution for a specified tax year and whether or not your contribution is tax deductible varies depending on a number of factors related to eligibility rules. The maximum allowable contribution to an IRA is the lesser of 100% of eligible compensation, or as follows:
Note that the dollar limit after 2009 will be indexed for inflation in $500 increments.
Individuals who are 50 or older (by the end of the calendar year for which the contribution is made) will be allowed to make catch-up contributions to IRAs up to $1,000.
If you currently do not have a date of birth on file with Fidelity, we assume that your IRA contribution includes the applicable catch-up contribution amount. You can update your date of birth online by visiting Accounts & Trade > Update Accounts/Features > Personal Information/Address on Fidelity.com.
Visit Investment Products > Retirement, click Traditional IRAs/Roth IRAs, then click IRA EvaluatorSM for help in determining contribution eligibility and annual contribution limits. Refer to your IRA statements to determine the amount you have contributed for the specified tax year.
Annual contribution limits are aggregated across all IRAs held at Fidelity and other institutions. It is your responsibility to ensure that you are not exceeding the contribution limits.
Annual contributions may be made after age 18 (to a Fidelity IRA) and up to (but not including) the year in which you turn age 70 1/2. Annual contributions may be tax-deductible based on income limits and participation by you and/or your spouse in an employer-sponsored retirement plan (e.g., 401(k), 403(b), 457). You may make an annual contribution to a Traditional IRA even if you and/or your spouse participate in an employer-sponsored retirement plan (e.g., a 401(k), 403(b), 457), however your contribution may not be deductible.
You and/or your spouse may make an annual contribution to a Roth IRA even if you and/or your spouse actively participate in an employer-sponsored retirement plan provided adjusted gross income (AGI) requirements are met. Annual contributions are not tax deductible and can be made in any year you have compensation equaling the contribution amount after age 18 (to the Fidelity IRA).
For information on AGI requirements, under the Retirement & Guidance > Guidance Tools. Click Getting Started, then Build Your Portfolio, then Open a Fidelity Account. You can compare the features of Roth and Traditional IRAs in Retirement Investing area.
By making a contribution to a rollover IRA you may be commingling qualified plan assets (such as 401(k) assets), 403(b) plan assets, and/or governmental 457(b) plan assets within your rollover IRA with annual IRA contributions.
The Pension Protection Act of 2006 allows for the consolidation of various types of retirement account balances. However, if you want the option of rolling eligible assets from your IRA into another employer-sponsored retirement plan in the future, you may want to consider keeping separate IRA accounts for each retirement plan type that you are rolling over until the IRS issues further regulations on portability of retirement plan assets. Therefore, you may want to consider making your annual IRA contribution to a separate IRA. Consult your tax advisor.
Note that you cannot make a 60-day direct rollover contribution online. If you are trying to do so, please contact a Fidelity representative at 800-544-6666.
All SEP-IRA contributions must be made by the employer, and the same percentage of compensation must be contributed for each eligible employee (based on W-2 wages), including the employer.
The contribution percentage can vary each year, from 0% to 25% of compensation, as much as $46,000 for the 2008 plan year and $49,000 for the 2009 plan year.* For self-employed individuals, compensation means earned income.
If you are self-employed (unincorporated), you can use the interactive worksheet on Fidelity.com to help you calculate your contribution. Visit Investment Products > Retirement, click Self-Employed/Small Business Accounts, then click How to Contribute under SEP-IRAs. Click SEP-IRA Contribution Calculator.
*The maximum compensation on which contributions can be based is $230,000 for the 2008 plan year and $245,000 for the 2009 plan year.
On Fidelity.com, you can make the following contributions from Fidelity accounts to your Fidelity mutual fund or brokerage IRA:
No. For assistance, contact a Fidelity representative at 800-544-6666.
For a brokerage IRA, the minimum amount to transfer is $10. All contributions are made to the core account. For a mutual fund IRA, the minimum amount is $250. All contributions are used to buy shares in the mutual fund you specify.
If your account is eligible, you can choose specific shares when selling a mutual fund to make an IRA contribution. See Trading Specific Shares for details.
The dollar amount or format could be invalid for one of the following reasons:
If you enter a transfer request between January 1 and your tax filing due date, not including extensions (generally April 15), select the tax year to which you want to apply the contribution. After your tax filing due date, you can only make a current-year contribution.
If your tax filing due date, not including extensions, falls on a Saturday, Sunday, or legal holiday, call a Fidelity representative at 800-544-6666 for assistance.
In most cases, you can only make a contribution to an IRA for the prior tax year from January 1 to April 15. The Electronic Funds Transfer entry screens for IRAs only display current year contributions after April 15.
After you place the order, you receive a confirmation which displays the confirmation number and the details of the request, which you can print.
Generally, transactions placed on a business day prior to 3:30 P.M. ET will be initiated for processing that day. Electronic Funds Transfer requests placed after 3:30 p.m. ET will be credited to your Fidelity account the following business day. Electronic Funds Transfer requests are not processed on New York Stock Exchange or bank holidays, or on weekends.
If you have changed your mailing address within the last 15 days, then the maximum online IRA withdrawal by check amount allowed is $10,000. Fidelity has established this policy to protect our customers from fraud. You can withdraw up to $100,000 from your IRA without any wait if you deposit your withdrawal into an eligible Fidelity non-retirement account. Or, use Electronic Funds Transfer (if established for your IRA) to transfer the money to your bank account.