1 Brokerage IRAs with Brokerage Cash Services are eligible for this feature. Online access is required. Talk to your Financial Advisor for more information about the benefits of Brokerage Cash Services.
2 Traditional IRA distributions are generally taxed as ordinary income. Qualified Roth IRA distributions are tax-free provided a Roth account has been open for more than five years and the owner is at least age 59½, or as a result of their death, disability, or using the first-time homebuyer exception. Qualified Roth IRA distributions are not subject to state and local taxation in most states. Distributions from Traditional and Roth IRAs may be subject to an IRS 10% additional tax for early or pre-59½ distributions. For SIMPLE IRAs, the IRS penalty increases to 25% if a distribution is taken prior to two years from when the first deposit was made into the SIMPLE IRA if under 59½.
3Workplace retirement plans include 401(k), 403(b), SEP and SIMPLE IRA.
4 The “Retirement Plan” box in Box 13 of your W-2 tax form should be checked if you were covered by a retirement plan at work.
5 Your filing status is considered single for IRA contribution purposes if you did not live with your spouse during the tax year. Read IRS Publication 502 for more information https://www.irs.gov/pub/irs-pdf/p501.pdf.