Did you like how we did? Rate your experience!

Rated 4.5 out of 5 stars by our customers 561

Online solutions help you to manage your record administration along with raise the efficiency of the workflows. Stick to the fast guide to do Form 5304-SIMPLE, steer clear of blunders along with furnish it in a timely manner:

How to complete any Form 5304-SIMPLE online:

  1. On the site with all the document, click on Begin immediately along with complete for the editor.
  2. Use your indications to submit established track record areas.
  3. Add your own info and speak to data.
  4. Make sure that you enter correct details and numbers throughout suitable areas.
  5. Very carefully confirm the content of the form as well as grammar along with punctuational.
  6. Navigate to Support area when you have questions or perhaps handle our Assistance team.
  7. Place an electronic digital unique in your Form 5304-SIMPLE by using Sign Device.
  8. After the form is fully gone, media Completed.
  9. Deliver the particular prepared document by way of electronic mail or facsimile, art print it out or perhaps reduce the gadget.

PDF editor permits you to help make changes to your Form 5304-SIMPLE from the internet connected gadget, personalize it based on your requirements, indicator this in electronic format and also disperse differently.


I recently opened a Fidelity Roth IRA and it says my account is closed and I need to submit a W-9 form. Can anyone explain how this form relates to an IRA and why I need to fill it out?
Financial institutions are required to obtain tax ID numbers when opening an account, and the fact that it's an IRA doesn't exempt them from that requirement. They shouldn't have opened it without the W-9 in the first place, but apparently they did. So now they had to close it until they get the required documentation.
I need help filling out this IRA form to withdraw money. How do I fill this out?
I am confused on the highlighted part.
How do I rollover my 401k to a Fidelity IRA?
Rolling over your 401k is a great idea. It is an easy process. You can follow the steps Jie Chen mentions here: Jie Chen's answer to How do I roll over a 401k to an IRA?This video talks about the main reasons why you should rollover your old 401k to a Traditional IRA and then convert to a Roth IRA asap:However why Fidelity?They charge an arm and a leg to trade! At qplum, we have found Interactive Brokers to have less than a tenth of the costs of Fidelity.Disclaimer: I ainu2019t selling my wares. Rather, Iu2019m sharing my views to build upon existing knowledge base.
What is the difference between a 401k and IRA?
A 401k and an IRA are both tax-advantaged accounts that incentivize saving/investing for retirement.u00a0 They both restrict withdrawals from the account in exchange for deferring or excluding taxes.u00a0 There are Traditional and Roth options for both accounts which is a different question altogether (I have an answer here for IRAs but it is applicable to 401ks as well: Alexander Yuan's answer to Individual Retirement Account (IRA): Is a Roth IRA better than a traditional IRA?).u00a0 If something is just labelled a 401k or IRA, it is assume to be a Traditional type account.The quick rundown of the differences are the following: you have more flexibility investing in an IRA, you have a higher contribution limit for a 401k, and your employer potentially matches contributions in your 401k (basically gives you free money in the account).u00a0 But let's go into some more detail.401kA 401k plan is an employer sponsored retirement plan.u00a0 Not all employers offer one, but many large companies do.u00a0 Most offer only a Traditional 401k, but there are some companies with Roth 401k options.u00a0 The employer chooses which type of account to offer and has it set up with a plan manager.u00a0 There are usually specific funds available for you to invest in within the account.u00a0 You usually just fill out a form to assign how much of your paycheck you would like to put into the account and how to divide it up into the different options.u00a0 There are some restrictions on withdrawing the money put into this account but you get tax benefits in return.u00a0 These restrictions and benefits depend on with type of contribution you make (Traditional vs Roth).u00a0 The annual contribution limit is fairly high (in 2022 it is $18,000 if you are under 50 years old, $24,000 if you are over 50).u00a0 The big advantage to contributing to your 401k is employer matching.u00a0 Your employer may match your contribution which means as you put money into the 401k, your employer will also give you money to put into the account.u00a0 For example, if your company has 100% matching up to 4% of your income and you make 100k annual salary, you can contribute 4k and your company will put in 4k. This effectively makes your annual salary 104k with 8k being paid to you through your 401k. If the company's matching was only 50%, they will put in 2k when you put in your 4k in the example above. However, the company matched amount usually vests over some period of time which means if you leave the company, you only get the amount you are vested in. For example, if your company has a vesting schedule of 4 years evenly distributed, then in the first example above with 100% matching, you would get claim to an additional 1k each year. You are also always 100% vested in your own contributions. So let's take that example and say you don't contribute anymore after the first year. If you leave after 3 years with the company, you would be entitled to 3k of the 4k match from your first year as well as your own 4k contribution plus whatever gains that 7k earned in the account.Individual Retirement Account (IRA)An IRA is an individual retirement account, meaning you will have to set it up yourself.u00a0 You will need to reach out to a broker (Charles Schwab, Fidelity, TD Ameritrade, etc.) to set up an account and you decide whether you want to open a Traditional or Roth type.u00a0 You manually move money into the account which has a smaller annual contribution limit ($5,500 in 2022. $6,500 if you are over 50) relative to the 401k.You get the same restrictions and tax benefits in the IRA for the same type of contribution (Traditional vs Roth), but there are income limits to making these contributions.u00a0 The main benefit of using an IRA is investment flexibility: you aren't restricted to the investments made in the account.u00a0 You can invest in individual stocks or mutual funds or index funds of your choice.
How do I choose investments for my Fidelity IRA?
If you really have no idea what to invest in, you might want to consider either an investment advisor (make sure they are a fiduciary) or a rob-investing solution.Iu2019m a fan of Betterment (review) who will pick an appropriate mix for you based on information about you, including your risk tolerance level.That said, if you REALLY want to be a DIY investor and go through Fidelity, you probably need to do some research and some studying.Warren Buffett believes most investors would be best off in a low-cost S&P 500 Index fund.My friend Tim Maurer has a good Simple Money Portfolio that he explains nicely here: Simple Money PortfolioHope that helps!
How much can you contribute to both a Roth IRA and a SIMPLE IRA in the same tax year?
Mike and Wray are correct and offer some great information in their posts. Just to reiterate, yes you may contribute the max to both a Roth and a SIMPLE assuming you fall below the MAGI limit.Also, if you are married you might be able to open a spousal IRA/Roth for your spouse if you are under the aforementioned MAGI limits. Thus, even if your spouse isn't working you can open a Roth or traditional IRA and make a deductible contribution to his/her account. Assuming you fall below the phaseout limits and your spouse qualifies, you could contribute an additional $5K (deductible).
How should I invest a 403b that has been converted to an uninvested IRA at Fidelity?
You have a HUGE array of options with a Fidelity IRA (as you would with one at Schwab, Vanguard, etc.). One of the best benefits, however, is the ability to get assistance with your retirement plan. Depending on how close you are to retirement you will have different needs (for example, probably a different risk tolerance) and you need to talk with a professional to narrow the field. Fidelity offers that type of assistance free of charge, whether you have 2500 or 25 million invested. Give them a call.You can educate yourself using the offered online tools (they will help with that process) until you feel comfortable doing it on your own, or you can find a single fund that can do it for you, or hire them to act on your behalf. It just depends on what your plan needs.
How can I move money in a Roth IRA from Fidelity to Vanguard (or another service) while avoiding fees?
If you are referring to an account transfer fee you cannot avoid it. Most ira custodians or brokerage firms charge either transfer fee or termination fee and that can range from $ 50 to $200. Some even charges both. Some don't charge on partial transfer and some do. Basically, ask your current broker what their fee structure is for the service that you want to them to perform.
If you believe that this page should be taken down, please follow our DMCA take down process here.