A WellsTrade account opened online comes with Brokerage Cash Services, which gives you convenient money-movement options such as online money transfers between your Wells Fargo accounts and mobile check deposits using your smartphone.
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Traditional IRA
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Roth IRA
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Contributions. Annual contributions to a Traditional IRA may be tax-deductible, and potential earnings grow tax-deferred until distributed.
Rollovers*. Traditional IRAs accept eligible rollover distributions of before and after-tax funds from qualified employer sponsored retirement plans (QRPs) such as 401(k), 403(b), or governmental 457(b).
Transfers. Traditional IRAs accept transfers from other Traditional, SEP, and (after two years from first deposit) SIMPLE IRAs.
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Contributions. Annual contributions to a Roth IRA are not tax-deductible, but potential earnings grow tax-deferred and may be tax-free when distributed.
Rollovers*. Roth IRAs accept eligible rollover distributions from QRPs. The rollover of after-tax funds would not be a taxable event. Any rollover of before tax funds will be included in your gross income for the year. Designated QRP Roth account funds can also be rolled to a Roth IRA.
Transfers. Roth IRAs accept transfers from other Roth IRAs.
Conversions. A Roth IRA conversion occurs when you take savings from a Traditional, SEP or SIMPLE IRA and move them to a Roth IRA. At the time of conversion you will pay the appropriate taxes due on any before-tax funds converted, you will not owe tax on any after-tax amount; the IRS 10% additional tax for early or pre-59 1/2 distributions does not apply. The benefits of tax-free income in retirement may justify the conversion. Be sure to talk to your tax advisor to discuss your specific situation before you decide to convert. Remember, once you convert, you cannot recharacterize, or undo the conversion.
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Open a Traditional IRA
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Open a Roth IRA
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*Please keep in mind that rolling over your QRP to an IRA is just one option. Each option has advantages and disadvantages and the one that is best depends on your individual circumstances. You should consider features such as fees and expenses, services offered, investment options, when distributions are no longer subject to the 10% additional tax, treatment of employer stock, when required minimum distributions begin, and protection of assets from creditors and bankruptcy. Investing and maintaining assets in an IRA will generally involve higher costs than those associated with a QRP. We recommend you consult with your current plan administrator before making any decisions regarding your retirement assets.
Investment and Insurance Products are:
- Not Insured by the FDIC or Any Federal Government Agency
- Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any Bank Affiliate
- Subject to Investment Risks, Including Possible Loss of the Principal Amount Invested
Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
Mobile deposit is only available through the Wells Fargo Mobile® app on eligible mobile devices. Deposit limits and other restrictions apply. Some accounts are not eligible for mobile deposit. Availability may be affected by your mobile carrier's coverage area. Your mobile carrier's message and data rates may apply. See Wells Fargo’s Online Access Agreement and your applicable business account fee disclosures for other terms, conditions, and limitations.
Income tax will apply to Traditional IRA distributions that you have to include in gross income. Qualified Roth IRA distributions are not included in gross income. Roth IRA distributions are generally considered “qualified” provided a Roth IRA has been funded for more than five years and the owner has reached age 59½ or meets other requirements. Both Traditional and Roth IRA distributions may be subject to an IRS 10% additional tax for early or pre-59 ½ distributions.
Wells Fargo and Company and its Affiliates do not provide tax or legal advice. This communication cannot be relied upon to avoid tax penalties. Please consult your tax and legal advisors to determine how this information may apply to your own situation. Whether any planned tax result is realized by you depends on the specific facts of your own situation at the time your tax return is filed.
Insurance products are offered through non-bank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies.
WellsTrade® brokerage accounts are offered through WFCS.
Wells Fargo Bank, N.A. ("the Bank") offers various banking, advisory, fiduciary and custody products and services, including discretionary portfolio management. Wells Fargo affiliates, including Financial Advisors of Wells Fargo Advisors, may be paid an ongoing or one-time referral fee in relation to clients referred to the Bank. In these instances, the Bank is responsible for the day-to-day management of any referred accounts.
Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.
PM-08282025-6440264.1.1
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