Comprehensive FAQ

Retirement

Traditional IRA

What is a Traditional IRA?

A Traditional IRA is a tax-deferred savings account that allows individuals to save toward their retirement goals. The earnings are generally tax deferred, and contributions may be partially or fully tax deductible, depending on the individual’s circumstances.

What are some features of a Traditional IRA?

Some key features include:

Contribution may be fully or partially tax deductible, depending on several factors, which may include income, filing status, and whether the IRA owner or spouse are covered by a workplace retirement plan

Earnings generally grow tax deferred, meaning taxes generally are not due until distributions are taken.

Distributions are generally subject to ordinary income tax and required minimum distribution rules apply.

Individuals should consult with their tax advisors about their specific tax situation.

What is considered "earned income” if I am making an IRA contribution?

In general, "earned income" includes taxable compensation, such as wages, tips, bonuses, professional fees, and other compensation received for personal services. This is usually shown on the individual's Form W-2 issued by the employer. For self-employed individuals, compensation is the individual's net earnings from self-employment after deductions for certain self-employment taxes and retirement plan contributions.

Earned income does not include such items as interest, dividends, pension or annuity income, rental income, deferred compensation, etc.

The individual should consult their tax advisor to determine the amount of their earned income for the year.

What is the deadline for making IRA contributions?

Individuals generally have until April 15 of the year following the contribution year to establish and fund an IRA. This deadline is based on the tax return filing due date and does not include filing extensions. If April 15 falls on a weekend or legal holiday, the deadline is the next business day after April 15.

Can an IRA owner deduct their Traditional IRA contributions?

It depends on whether they (or their spouse) are in a qualified retirement plan at work and their income. Generally, if the individual (and their spouse) are not covered by an employer sponsored qualified retirement plan at work, the IRA contribution is fully deductible, regardless of income. If, however, the individual (or their spouse) is covered by an employer sponsored retirement plan at work, the deduction could be reduced or eliminated, depending on whether their Modified Adjusted Gross Income (MAGI) is within the applicable limits.

How is Modified⁠ Adjusted Gross Income (MAGI) determined?

For purposes of determining whether a Traditional IRA contribution is deductible, Modified Adjusted Gross Income (MAGI) generally means adjusted gross income (AGI), modified by adding back certain deductions and exclusions under applicable federal tax rule

You should always consult with your tax advisor for your specific tax situation.

How is the deductible amount of a traditional IRA determined when my MAGI is within the phase-out range?

If your MAGI is within the applicable phaseout range, the amount that you can individually deduct is reduced.

Is the annual account fee that I pay, a tax-deductible item on my federal income tax return?

Investment fees and expenses are generally not deductible as miscellaneous itemized deductions.

Can an IRA owner make contributions to a Traditional IRA after age 70½?

Yes. There is no maximum age restriction for making a Traditional IRA contribution as long as the individual, or spouse if filing jointly, has earned income. Individuals should consult with their tax advisors about their specific tax situation.

How are Traditional IRA distributions taxed?

Distributions from Traditional IRA are generally subject to ordinary income taxes. However, if the IRA owner has made any non-deductible IRA contributions to this or any other Traditional IRA, a portion of the distribution would not be taxable. IRS Form 8606 is completed to determine the taxable amount of the distribution. In addition, if the IRA owner is under the age of 59½, a 10% additional tax on early distributions may apply. SIMPLE IRA distributions in the first 2 years are subject to a 25% additional tax if the IRA owner is under the age of 59½, unless an exemption applies.

Individuals should consult with their tax advisors about their specific tax situation.

What distributions from an IRA qualify as "Higher Education Expenses?"

The term "higher education expenses" includes expenses for higher education furnished to the taxpayer, the taxpayer's spouse, or any child or grandchild of the taxpayer or the taxpayer's spouse at an "eligible educational institution."

Qualified higher education expenses include tuition, fees, books, supplies, equipment required for the enrollment or attendance of the taxpayer, the taxpayer’s spouse, or child/grandchild of the taxpayer or the taxpayer’s spouse at an eligible educational institution. Expenses also include room and board for students who are at least half-time students.

Qualified higher education expenses are reduced by amounts provided by scholarship, educational assistance allowance, or any other payment (other than gift or bequest) which is excludable from gross income under any law of the US.

An eligible educational institution is a school offering higher education beyond high school. It’s any college, university, trade school or other post-secondary educational institution eligible to participate in a student aid program run by the U.S. Department of Education.

This includes most accredited post-secondary institutions, whether public, nonprofit or privately-owned for-profit.

Individuals should consult with their tax advisors about their specific tax situation.

What distribution from an IRA qualifies as a "First-Time Homebuyer" distribution?

IRA owners may qualify for an exception to the 10% additional tax on early distributions from their IRA for a qualified first-time home purchase if the following conditions are met:

Distributions must be used by the individual before the close of the 120th day after the date on which the distribution is received to pay "qualified acquisition costs" with respect to the principal residence of the first-time homebuyer

First-time homebuyer may be the IRA Owner, the IRA Owner's spouse, or any child, grandchild or ancestor of the IRA Owner or spouse.

There is a lifetime limit claimed by any one individual for first-time Homebuyer expenses of $10,000.

A first-time homebuyer means any individual if such individual (and, if married, such individual's spouse) had no present ownership interest in a principal residence during the 2-year period ending on the date of the acquisition of the principal residence.

Qualified acquisition costs mean the costs of acquiring, constructing, or reconstructing a residence. This term also includes any usual or reasonable settlement, financing, or other closing costs. The date of acquisition means the date on which a binding contract to acquire the residence is entered into, or the construction or reconstruction of such residence is commenced.

Individuals should consult with their tax advisors about their specific tax situation.

What is the Special Rule for Delay in Acquisition

If a distribution from an IRA fails to meet the 120-day requirement solely due to delay or cancellation of the purchase or construction of the residence, the amount of the distribution may be contributed as a rollover contribution to the original IRA or to another IRA within 120 days. The once-per-12-month restriction on the frequency of IRA rollovers does not apply to this type of rollover.

When must a beneficiary begin taking Required Minimum Distributions (RMDs) from a Traditional IRA?

Beneficiary distribution requirements depend on several factors, including when the IRA owner died, whether the owner died before or after their Required Beginning Date, and the beneficiary’s relationship to the owner. Different distribution rules may apply, including a 10-year distribution period for certain beneficiaries. Individuals should consult their tax advisor regarding the applicable requirements.

Is an IRA included in an individual's gross estate at their death?

Yes. An IRA is generally considered part of the deceased's gross estate for federal estate tax purposes. An individual should consult with their tax or legal advisor regarding more specific information on the tax implications of the IRA for estate tax purposes.

How⁠ long does an individual have to roll over a distribution?

Generally, an individual has 60 days from the date they receive a distribution that can be rolled over. Certain distributions, such as required minimum distributions, cannot be rolled over. For IRA-to-IRA rollovers, an individual generally may make one 60-day rollover in any 12-month period.

Can I make my IRA contribution in-kind (i.e., securities or property)?

No. Annual contributions to Traditional and Roth IRAs must be made in cash and cannot be made with securities or other property. Different rules may apply to rollovers, transfers, or conversions from another retirement account.

Can I make a transfer from my IRA to my Health Savings Account (HSA)?

Yes. Federal tax rules generally permit an eligible individual to make a one-time, direct transfer from a Traditional or Roth IRA to an HSA, subject to certain requirements and HSA contribution limits. Individuals should consult with their tax advisor regarding their eligibility and specific tax situation.

Is a spousal IRA a separate type of IRA?

No, there are two main types of IRAs, Traditional and Roth.

A spousal IRA is not a separate type of IRA; “spousal IRA” refers to IRS rules that allow a married individual filing a joint federal income tax return to contribute to their own Traditional or Roth IRA, even if they have little or no earned income, provided their spouse has sufficient earned income. Each spouse’s IRA remains a separate account and is subject to applicable contribution and eligibility requirements.

Individuals should consult with their tax advisors about their specific tax situation.

How do I know if I'm covered by an employer-sponsored retirement plan?

The "Retirement Plan" box in Box 13 of your W-2 tax form should be checked if you were covered for the year.

Individuals should consult with their tax advisors about their specific tax situation.

Can Traditional IRA contributions be made to a SEP IRA?

Yes, a Simplified Employee Pension (SEP) plan provides business owners with a simplified method to contribute toward their employees’ retirement as well as their own retirement savings. Contributions are made to an IRA set up for each plan participant (a SEP-IRA). A SEP-IRA account is a Traditional IRA and follows the same investment, distribution, and rollover rules. SEP IRAs allow for individual contributions (subject to the same limits as Traditional IRAs) and employer contributions. Please click the following link for more information on SEP IRAs: SEP IRA FAQs.

Are there products/investments that cannot be purchased in a WFCS IRA?

There are some products/investments that are prohibited in IRAs by the Internal Revenue Code, such as collectibles and life insurance. Other investments may be prohibited by the firm due to issues such as risks and administrative/operational difficulties like real estate or physical gold. Additionally, the firm acknowledges fiduciary status under Prohibited Transaction Exemption 2020-02 and as a result, excludes certain investments to comply with the requirements of this exemption.

What is a Roth IRA?

A Roth IRA is a type of Individual Retirement Account that provides the opportunity for tax-free qualified distributions.

What are the features of a Roth IRA?

The main features are:

Tax-free distribution opportunity - Although there is no up-front deduction for the contribution, if the distribution satisfies certain conditions, the earnings may be free of income taxes.

As long as the individual or spouse (if married filing jointly) has earned income, contributions can be made at any age.

Contributions can be made to a Roth if the individual's Modified Adjusted Gross Income is within or below that tax year's phase-out limits, regardless of plan participation.

Traditional to Roth IRA conversions

• Anyone can convert to a Roth regardless of MAGI or tax filing status.
• Employer sponsored qualified retirement plan balances can be converted to Roth IRAs. Conversions of an eligible rollover distribution can be made through a direct rollover of before-tax and/or after-tax money from the plan to the Roth IRA or an amount can be distributed from the plan and rolled over to the Roth IRA within 60 days.
• The taxable treatment of a Roth conversion depends on the amounts being converted. Generally, pre-tax amounts converted will be included in the IRA holder's gross income.
• Any pre-tax amount converted will be included in the IRA holder's gross income. In any case, the amount rolled over must be an eligible rollover distribution.

What are the ordering rules for non-qualified distributions from a Roth IRA?

A qualified distribution generally must satisfy the applicable five-year holding period and be made after age 59½, due to death or disability, or for a qualified first-time home purchase. Qualified distributions are generally tax-free.

Non-qualified Distributions (Note: for purpose of determining what is deemed as being distributed, all Roth IRAs that individual owns are aggregated):

• Annual Roth contributions, if any, are the first amounts distributed from the Roth IRA. Distributions of regular Roth IRA contributions are generally tax- and penalty-free.
• Second amounts distributed from a Roth IRA, after all contributions are depleted, are converted funds, if any. Roth conversion amounts may be subject to the 10% additional tax if distributed within the applicable five-year period and before age 59 ½, unless an exception applies.
• Earnings are the last amounts distributed from a Roth IRA. Qualified distributions of earnings are tax-free. If not part of a qualified distribution, earnings are generally subject to ordinary income tax and may also be subject to the 10% additional tax if the IRA owner is under age 59 ½, unless an exception applies.

Individuals should consult with their tax advisors about their specific tax situation.

How is the maximum contribution amount determined if my Modified Adjusted Gross Income (MAGI) is within the phase-out range?

If MAGI is within the phase-out range, the amount that can be contributed is reduced. If MAGI is above the top of the phase-out range, no Roth IRA contribution can be made.

For 2026, your Roth IRA contribution limit is reduced (phased out) in the following situations.

Your filing status is married filing jointly or qualifying surviving spouse and your modified AGI is at least $242,000. You can’t make a Roth IRA contribution if your MAGI is $252,000 or more.

Your filing status is single, head of household, or married filing separately and you didn’t live with your spouse at any time in 2026 and your modified AGI is at least $153,000. You can’t make a Roth IRA contribution if your modified AGI is $168,000 or more.

Your filing status is married filing separately, you lived with your spouse at any time during the year, and your modified AGI is more than zero. You can’t make a Roth IRA contribution if your modified AGI is $10,000 or more.

Is there a maximum age that contributions can be made to a Roth IRA?

No, contributions can be made at any age as long as the individual (or spouse if married filing jointly) has earned income and meets the applicable Roth IRA contribution eligibility requirements.

Is the account owner required to take distributions from a Roth IRA?

No. Distributions are not required during the IRA owner's lifetime.

What Roth IRA distributions for higher education expenses may qualify for an exception to the 10% additional tax?

The term "higher education expenses" includes expenses for higher education furnished to the taxpayer, the taxpayer's spouse, or any child or grandchild of the taxpayer or the taxpayer's spouse at an "eligible educational institution".

Qualified higher education expenses include tuition, fees, books, supplies, computer equipment and related services, and certain special needs services required for enrollment or attendance at an eligible educational institution. Expenses also include room and board for students who are at least half-time students.

Qualified higher education expenses are reduced by certain tax-free educational assistance, including tax-free scholarships and fellowships, Pell grants, employer-provided educational assistance, veterans' educational assistance, and other tax-free educational assistance, other than gifts or inheritances.

An "eligible educational institution" includes post-secondary educational institutions offering credit toward a bachelor's degree, an associate's degree, a graduate level or professional degree, or other recognized post-secondary credential. This includes colleges, universities and vocational schools. The institution must be eligible to participate in the student aid program administered by the U.S. Department of Education.

What distributions from a Roth IRA qualifies as an eligible First-Time Homebuyer distribution?

Roth IRA owners may receive a distribution from their IRA without the 10% additional tax on up to $10,000 for first-time homebuyer expenses if the following conditions are met:

• First-time homebuyer may be the IRA owner, the IRA owner's spouse, or any child, grandchild or ancestor of the IRA owner or owner's spouse.
• There is a lifetime limit claimed by any one individual for first-time home buyer expenses of $10,000 for all years.
• A first-time homebuyer means any individual if such individual (and, if married, such individual's spouse) had no present ownership interest in a principal residence during the 2-year period ending on the date of the acquisition of the principal residence.
• Distributions must be used by the individual before the close of the 120th day after the date on which the distribution is received to pay "qualified acquisition costs" with respect to the principal residence of the first-time Homebuyer
• Qualified acquisition costs mean the costs of acquiring, constructing, or reconstructing a residence. This term also includes any usual or reasonable settlement, financing, or other closing costs. The date of acquisition means the date on which a binding contract to acquire the residence is entered into, or on which the construction or reconstruction of such residence is commenced.

Can a distribution be sent as a check?

Please contact your financial advisor or the number on your statement

Is a beneficiary required to take distributions from a Roth IRA after the IRA owner's death?

Beneficiaries of Roth IRAs are subject to required minimum distribution (RMD) rules. For many beneficiaries, an inherited Roth IRA must be fully distributed within 10 years, although different rules or exceptions may apply to certain beneficiaries.

Why would an individual contribute to a Roth IRA instead of a Traditional IRA?

There are many factors that impact the decision on which type of IRA to fund.

Generally, if the individual is not eligible for a deduction on their Traditional IRA contribution but is eligible for the Roth IRA, a Roth IRA may be an option to consider.

If individual is eligible for a deduction on their Traditional IRA contribution and is eligible to make a Roth contribution, careful consideration of these and other factors should be discussed with their tax advisor:

• Current vs. future tax rates
• Tax treatment of investment earnings and distributions
• Income and filing status
• What the money will be used for and when
• Estate planning goals

Can an existing IRA be converted to a Roth IRA?

There are no MAGI or tax filing status restrictions to convert an eligible IRA amount to a Roth IRA. Generally, any previously untaxed amount converted will be included in gross income for the year of the conversion.

Traditional and SEP IRAs, as well as SIMPLE IRAs after the applicable two-year participation period, can be converted to a Roth IRA.

Eligible rollover distributions can be converted to a Roth IRA for employer sponsored plan participants. A non-spouse beneficiary who inherits an employer sponsored qualified retirement plan (not SEP or SIMPLE IRA) is able to request a direct trustee-to-trustee transfer to an Inherited Roth IRA. The portion of a Roth conversion attributable to after-tax amounts generally is not included in gross income. Any pre-tax amount converted will be included in the Roth IRA or Inherited Roth IRA holder's gross income for the year. The Pro-Rata Rule applies to a conversion from any Traditional, SEP and/or SIMPLE IRA.

Individuals should consult with their tax advisor regarding the tax consequences.

What is the difference between the five-year holding period for qualified Roth IRA distributions and the 5-year holding period that applies to amounts converted to a Roth IRA?

The five-year period that is used for the purpose of determining whether an amount is a qualified distribution (i.e., income tax-free distribution of earnings) starts with the tax year for which the first contribution or conversion is made to any Roth IRA that individual owns.

This is different from the five-year period that is used for purpose of determining whether a distribution of certain converted amounts may be subject to the 10% additional tax. When amounts are converted to a Roth, a distribution of the taxable portion of each conversion may be subject to the 10% additional tax if distributed before the expiration of the five-year holding period for that conversion (beginning with the year of conversion) or before age 59½, whichever is first, unless an exception applies.

A distribution from a particular conversion is treated as first coming from the taxable portion of the conversion. Once all taxable amounts from that conversion are distributed, any nontaxable converted amounts from that conversion are distributed.

Does the 60-Day Rollover Rule apply to Roth IRAs?

Yes, as long as the amount is eligible for rollover. Roth IRA-to-Roth IRA rollovers are subject to the same one-rollover-per individual per 12-month period rule that applies to Traditional IRA-to-Traditional IRA rollovers.

What is the deadline for making a Roth IRA contribution?

The deadline for establishing an IRA and making IRA contributions is the due date for the federal tax return, not including extensions. Generally, this is April 15th of the year following the tax year for which the contribution is for. However, if April 15 falls on a weekend or legal holiday, the deadline is the next business day.

I understand that after-tax contributions to an employer-sponsored qualified retirement plan can be converted to a Roth IRA. How does that work?

If an individual is permitted to take a plan distribution (meets their plan's requirement for an in-service distribution or has a triggering event such as separation of service) and has after-tax contributions in their qualified plan [such as 401(k), 403(b), etc.], there are several options for taking those funds from the plan. Other distribution options may also be available depending on the plan and the individual's circumstances. Individuals should consider the available options, including their respective tax consequences, fees and expenses, investment options, and other applicable factors before making a decision.

Individuals should consult with their plan administrator and tax advisor about their specific situation.

Can a Roth account in a qualified plan [e.g., Roth 401(k), etc.] roll into a Traditional IRA?

No. Rollovers from an employer's plan Roth account (i.e.. Roth 401(k), etc.) can only roll into a Roth IRA or another employer sponsored Roth plan, if the receiving plan accepts the rollover.

What are the Roth IRA distribution rules when I roll my Roth employer plan to a Roth IRA?

A rollover of a qualified distribution from a Roth plan to a Roth IRA will be treated as Roth IRA contributions for purposes of the Roth IRA distribution ordering rules.

With a rollover of a non-qualified distribution from a Roth plan to a Roth IRA, for purposes of the Roth IRA distribution ordering rules, the Roth plan contributions will be treated as Roth IRA contributions and the Roth plan earnings will be treated as Roth IRA earnings

What is a qualified Roth employer plan distribution?

A qualified distribution, which is tax-free, occurs when the Roth plan account has met the five-year holding period and the participant is at least age 59½, disabled, or the distribution is made to a beneficiary after the participant’s death.

Can money received by a survivor (spouse, parent, child, etc.) as a military death gratuity or Servicemembers’ Group Life Insurance (SGLI) payment be contributed to this account?

Yes, a recipient of a military death gratuity or SGLI payment can contribute up to the sum of the payments (reduced by any part of the payments contributed to a Coverdell Education Savings Account or another Roth IRA) to a Roth IRA within one year of receiving the payment. Call your financial advisor or the number on your statement for assistance.

Required Minimum Distributions

When must RMDs begin?

The ages for RMD are dependent upon birth year. If your birth date is

Before July 1, 1949, the RMD age is 70½

Between July 1, 1949, and Dec. 31, 1950, the RMD age is 72

Between 1951 and 1959, the RMD age is 73

1960 or later the RMD age is 75

Consult with your plan administrator and tax advisor about your specific situation.

Qualified employer sponsored retirement plans and 403(b)s:

These rules are generally the same as a Traditional IRA. However, individuals who are not 5% owners and who are still working past their applicable RMD age may be able to defer distributions until April 1 following the year they retire. These individuals should check with their employer for more information on their RBD.

When must subsequent RMDs be taken?

Distributions for the second distribution year and subsequent years must be taken by December 31 of each year.

How are RMDs calculated?

RMDs are generally calculated by dividing the prior December 31 account balance by the applicable life expectancy factor from the IRS life expectancy tables.

If you delay your first RMD until April 1 of the year following the year you reach your applicable RMD age, the RMD is still calculated using the December 31 account balance from the year before you reached your applicable RMD age. Your RMD for the second distribution year must be taken by December 31 of that year and is based on the prior December 31 account balance.

What happens if I do not satisfy my RMD?

IRA owners may be subject to an IRS 25% excise tax on the amount of the RMD shortfall. This may be reduced to 10% if the shortfall is corrected within the applicable correction window.

Example: An IRA owner's RMD was $10,000, but they only distributed $8,000 from their Traditional IRA. The difference between the RMD and the amount taken is $2,000; therefore, the IRS excise tax is $500 (25% of the $2,000 not taken).

You should work with your tax advisor regarding IRS Form 5329 and whether you may qualify for a waiver of the excise tax.

Can contributions be made after reaching applicable RMD age 73?

Traditional IRA - There is no maximum age restriction for making a Traditional IRA contribution as long as the individual, or spouse if filing jointly, has earned income.

Roth IRA - There is no maximum age restriction for making a Roth IRA contribution as long as the IRA owner, or spouse if filing jointly, has earned income and meets the applicable Roth IRA contribution eligibility requirements.

SEP/SIMPLE IRA - Employer contributions, and salary deferral contributions where applicable, can be made for an eligible employee or business owner after reaching applicable RMD age 73.

Can distributions (rollovers, transfers, Roth conversions) be made after reaching the applicable RMD age?

Rollovers/Transfers- Rollovers and transfers can generally be made after reaching the applicable RMD.

Traditional to Roth IRA Conversions - An individual may convert to a Roth IRA after reaching their applicable RMD age, but a Roth conversion does not satisfy the RMD. The RMD must be satisfied prior to the conversion.

If an IRA owner has more than one IRA, they can decide from which IRA(s) to distribute from to satisfy the RMD. This rule does not apply to qualified retirement plans (QRPs). However, while RMDs must be calculated separately for each 403(b), the total RMD can be taken from any one or more of the individual’s 403(b) accounts.

What must be done if an IRA owner dies in or after the year they reach their applicable RMD age?

If the primary beneficiary is not the IRA owner’s spouse:

If the IRA owner dies before their Required Beginning Date (RBD), no RMD is required for the deceased IRA owner for the year of death.

If the IRA owner dies on or after their RBD and did not fully satisfy their RMD for the year of death, the remaining year-of-death RMD must be satisfied.

If the primary beneficiary is the IRA owner’s spouse:

If the IRA owner dies before their RBD, no RMD is required for the deceased IRA owner for the year of death.

If the IRA owner dies on or after their RBD and did not fully satisfy their RMD for the year of death, the remaining year-of-death RMD must be satisfied.

A surviving spouse may have additional options for the inherited IRA. The surviving spouse should consult with their tax advisor regarding the applicable distribution requirements and tax consequences.

If the IRA account owner dies on or after their Required Beginning Date (RBD), what steps must be taken to meet the RMD rules?

Non-Spouse Beneficiaries - If the IRA owner did not fully satisfy their RMD for the year of death, the remaining year-of-death RMD must be satisfied. Any taxable distributions received by the beneficiary are generally included in the beneficiary's gross income.

Spouse Beneficiary - If the IRA owner did not fully satisfy their RMD for the year of death, the remaining year-of-death RMD must be satisfied. A surviving spouse may have additional options for the inherited IRA, including treating the IRA as their own if eligible.

Individuals should consult with their tax advisors about their specific tax situation.

How are annuities in IRAs valued for RMD purposes?

The annuity carriers send the custodian the value of the contracts on a regular basis. The value that is represented on a 12/31 statement will be the most recent value, as of this date, that the carriers have sent. Therefore, the RMD will be based on the December monthly statement values. However, in January, the annuity carriers will determine if the "value" of the contracts has been affected by the entire interest rule. If the entire interest rule affects the value, the annuity carriers will be responsible for sending the custodian the updated value. Once that is received the system is updated to reflect the new RMD amount going forward on the monthly statements.

For example: If a contract has been affected by the entire interest rule, the RMD amount that is on the January statement will be different than the RMD amount on their February statement. Also, the custodian will amend the Fair Market Value statement that is sent to the IRS so that the IRS is also aware of the change. The individual will also get a copy of any amendments.

Individuals should consult with their tax advisors for their specific tax situation.

If an investor owns more than one IRA must RMDs be calculated and distributed from each of them?

While an RMD calculation should be completed for each Traditional, SEP and/or SIMPLE IRA you own, the IRS does allow you to aggregate the required minimum distributions (RMDs) and distribute that amount from any one or combination of the IRAs.

If you own an IRA and an ex-employer’s plan (401(k), 403(b), etc.) must RMD’s be taken from them at RMD age?

A 403(b) contract owner must calculate the RMD separately for each 403(b) contract that he or she owns, but can take the total amount from one or more of the 403(b) contracts. However, RMDs required from other types of retirement plans, such as 401(k) and 457(b) plans have to be taken separately from each of those plan accounts. The IRS does not allow an RMD from an IRA to be satisfied by a distribution from a qualified employer-sponsored retirement, plan, or vice versa.

What account balance is used to calculate the RMD?

Generally the IRA account balance is the amount of the IRA at the end of the year preceding the year for which the RMD is being figured. Certain current year activity may require adjustment to the prior year-end balance:

Recharacterized amounts in the year subsequent to the Roth conversion (increase by amount moved in recharacterization process, which would include earnings/loss)

Rollovers outstanding at prior year end (increase by amount of rollover receipt)

Additionally, the prior year-end balance of an amount that transfers in this year may need to be added.

Can IRA holders with check writing privileges write a check from that IRA to a charity and count as a Qualified Charitable Distribution (QCD)?

No. QCD, checks are no longer allowed.

Please note: Electronic transfer requests initiated from an outside financial institution, for example: PayPal, Zelle, Venmo or EFT (Electronic Funds Transfers) from 3rd party sites, are not allowed from your Brokerage Cash Services (BCS) IRA and any attempt to do so will be blocked. Federal and state laws require that you make an election for tax withholding before a distribution occurs from your IRA which is not possible with these types of transactions.

Profit Sharing Plan

What is a Profit-Sharing Plan?

A profit-sharing plan is an employer-sponsored retirement plan that allows an employer to make contributions to eligible employees’ retirement accounts. Employer contributions may vary from year to year and are generally determined by the terms of the plan. To set up a profit-sharing plan contact your financial advisor or the number on your statement

Brokerage Cash Services (BCS)

What is Brokerage Cash Services (BCS)?

Brokerage Cash Services (BCS) is an optional set of features that allows you to easily move money in and out of your personal or business brokerage account.

While BCS offers some conveniences similar to a checking account—such as debit cards or check writing—it is not intended to replace your everyday checking account. Brokerage accounts are not FDIC-insured. On eligible accounts with margin enabled, available margin credit may cover certain transactions when available cash is insufficient. This is borrowing against your securities, not a separate bank overdraft protection service, and is subject to interest charges, borrowing limits, and margin risks.

How does Brokerage Cash Services work?

BCS combines cash management features with your investment account, allowing you to manage your cash and investments in one place.

You can connect your brokerage account with other Wells Fargo banking, lending, and brokerage accounts to easily move money and view your finances together.

How can I deposit funds into my account with BCS?

You have several convenient options to deposit funds:

• Transfer money using the Wells Fargo Mobile® app or online
• Deposit checks using mobile deposit
• Set up direct deposit (such as payroll)
• Transfer funds by phone or online
• Use Wells Fargo ATMs
• Visit a Wells Fargo branch to deposit funds with a teller

How can I withdraw funds from my account with BCS?

You can access your funds in multiple ways:

• Transfer money to your eligible accounts online or through the mobile app
• Send money using Zelle®
• Pay bills using Bill Pay
• Use personal or commercial check writing capabilities
• Request no fee Debit/ATM cards
• Request domestic or international wire transfers

These options allow you to securely send money where you need it.

How does the BCS debit card work?

Debit Cards allow Brokerage Cash Services clients to have direct access to funds held in their brokerage accounts. Clients have access to cash at Wells Fargo ATMs with no fee and are eligible for up to 5 non-Wells Fargo Bank ATM refunds monthly.

How do I activate a new BCS debit card?

Only the cardholder can activate a debit card under their name. The debit card will be mailed to you with directions instructing you how to activate your debit card.

There are three ways you can active your debit card.

online or from Wells Fargo mobile app.

call the phone number on the back of the card.

by using it with their PIN at any Wells Fargo ATM.

If you have an old BCS debit card, when you activate your new card, your previous PIN will roll over to the new card.

How do I order BCS or brokerage checks?

You will need to call your financial advisor or the number on your statement.

Eligible accounts for check orders are IRAs, retail (individual or joint accounts), business accounts, trust accounts, and PCL Collateral accounts with BCS.

For an IRA account, you MUST be 59 ½ or older.

For Roth IRAs, you must certify on the IRA check-writing application that the IRS-defined 5 year holding period has been satisfied.

Checks can be ordered for PCL Collateral with BCS.

Check orders cannot be expedited to a PO Box.

Check imprint changes are not allowed on corporate or trust accounts, but they are allowed on individual or joint accounts.

A BORD restriction will prevent a check order from being processed.

If you are seeking third party access to a BCS account, you must complete both Third-Party Authorization and Indemnity and Authorization forms to add Third Party to Brokerage Cash Services Account forms. These forms can be provided by your financial advisor or by calling the number on your statement.

How does BCS work with IRAs?

IRA accounts with BCS include features designed to meet specific tax and reporting requirements.

With eligible IRA accounts, you can:

Initiate one-time IRA distributions through the Wells Fargo mobile app and desktop Wells Fargo Advisors site (for eligible IRA types: traditional, inherited and SETH/simple)

Note: to set up a recurring distribution you will need to complete an IRA Distribution form that can be found on the desktop site by signing on to Wells Fargo Advisors, select Investing Services in the top navigation bar, under Resources select forms.

What other features are available with BCS?

With BCS, you can easily manage your account through the Wells Fargo mobile app or website. You can review your BCS Annual Summary Statement and set up direct deposit.

Additional options like check writing and debit cards are available upon request.

New Accounts

How do I open an investment account or retirement account?

There are many types of investment products. Look at the various options by selecting Explore at the bottom of the screen then select Investing.

What types of accounts does Wells Fargo Advisors support?

The Wells Fargo Mobile® app supports opening Standard, Traditional IRA, and Roth IRA accounts. Other account types are available to be opened over the phone at 1-877-573-7997 including SEP IRAs, educational savings accounts, custodial accounts, trust accounts, business accounts and Qualified Retirement Plans.

How do I open a trust account?

Call the number on your statement or reach out to your financial advisor.

When will I receive my new account number?

If you applied online, the last four numbers of your reserved account number are shown on the final application page.

Where can I find my full account number in the app?

Select your account from Account Summary, scroll down to Account Info, and select View next to the brokerage account number.

How do I sign and return account documents?

If the account is eligible for electronic signature, instructions are sent by email for online completion. If not eligible, the New Account Package is sent by U.S. Mail.

How do I view my new account online?

Online access is generally available within 2 business days of receiving the application. In many cases, accounts are available on the same day or early on the next business day.

You’ll then see your account in Account Summary. Select the account to review Account Details.

Why can’t I see my account online?

Select Menu > Account Services > Add or Remove Online Account Access. If you don’t see your account then you will need to call Online Services & Access Online Support 1-877-879-2495.

It is also possible the account has been closed.

What steps can I take if I can’t complete my account application?

If your online application won't submit or was left incomplete, verify that all information entered is accurate and matches your official records. You may also want to try again using an updated browser or mobile app. Some applications require additional identity verification or supporting documentation before they can be completed. If further review is needed, you may be asked to provide signed documents before the account can be opened. Once your application is approved and your account is established, online access may require a separate enrollment process.

How do I locate the access code to electronically sign documents?

Watch for an email from Wells Fargo Advisors that includes a document ready for eSign and a unique access code. Select Sign Now in the email. Enter your email address and the access code when prompted. Select Continue and follow the instructions to review and sign your document.

Online Access

How can I grant another person or grant third party access to my account online?

You can grant "view” access to any non-account owner. Examples of non-account third parties are: a spouse or family member, CPA, a Money Manager. By providing online view only access, the account owner has also authorized the release of account documentation to the named third party.

The Authorization to Release Account Information Online form is required to grant third party access. You will need to call your Financial Advisor or for WellsTrade, PCG Solutions, or WBS Solutions accounts call our Investment Contact Center at 1 800 872 3377.

Can I grant online access to a minor?

The minor listed on a UTMA/UGMA account cannot have online access to the account.

How can I add or remove or link/delink accounts to online access?

Select Menu-> Account Services-> Add or Remove Online Account Access.

How can I setup separate login credentials?

You can only have one userid and password to access all your accounts including accounts you are not the owner but are authorized to view. You can manage your online view by setting up account groups on the Account Summary page.

How do I locate a retirement account from a former employer?

Employer plans such as 401(k)s and pensions are run by the plan's administrator or recordkeeper, not by Wells Fargo Advisors, unless you rolled the money into an IRA with us. To find a plan, check old plan statements, or contact the former employer's HR or benefits department for the current recordkeeper's contact information.

Trading

How do I know if I can trade with my brokerage account?

Select your account from the account summary page. If you see a trade and quotes tab, you can trade with your account. If you do not see that tab the account, you selected does not have trading capability. Contact your financial advisor or the number on your statement for assistance.

How soon can I start trading?

Typically, trading may begin after signed account documents are received and the account is funded.

What are the trading fees and commissions?

Your commission fee schedule is available on our Wells Fargo Advisors desktop website. Select Customer Service from the top navigation, select Fees & Rates, then select Fee Schedule.

What can I trade?

If you have the “trading” feature on your accounts, you can trade stocks, mutual funds, exchange-traded funds (ETFs), options, money market mutual funds, and certain fixed-income products through the app.

Eligible securities are US based markets, not foreign exchanges. Eligible securities include U.S. exchange-listed and certain over-the-counter (OTC) securities, subject to firm trading restrictions.

Trading is available for eligible securities traded in U.S. markets, subject to certain restrictions.

How do I place a trade or how do I buy or sell stocks?

To place a trade to buy:

Select the brokerage account on account summary, Select Trades & Quotes > Select the type of Trade you want to make

To place a trade to sell:

Select the brokerage account in account summary > When viewing the positions held in the account > Tap on the security to sell > Tap "Trade"

What is margin?

Margin is a loan from Wells Fargo Advisors collateralized by eligible stocks, mutual funds, bonds and other securities in your brokerage account. You can use margin to finance securities purchases or to borrow against securities already held in your account.

Margin involves risk. When using margin, you borrow money from your brokerage firm to purchase securities. You may lose more than the amount you initially invested, incur interest charges on the borrowed funds, and be required to deposit additional cash or securities if the value of your account declines. The firm may also sell securities in your account to meet a margin requirement.

Clients should discuss the tax implications of pledging securities as collateral with their tax advisors.

What is a margin call?

The value of the securities you hold in your account will fluctuate and must remain above a minimum value for the loan to remain in good standing. If it falls below that minimum, you will be required through a margin call to deposit additional securities and/or cash, or securities in your account may be sold.

There are two types of margin calls – Fed calls and maintenance calls.

Fed calls - generally result when you purchase securities and do not have sufficient cash or equity on the trade date. Fed calls cannot be met by market appreciation.

Maintenance calls - generally result when the value of your securities declines to a point where the account equity is below the minimum maintenance requirement. When a maintenance call occurs, you will be required to either pay-down your margin debit balance, deposit additional fully paid securities, or sell securities in the account. If you are unable to meet the maintenance call, Wells Fargo Advisors can sell securities or other assets in any of your non-IRA accounts held with us to cover the margin deficiencies. You will be held responsible for any shortfall in the account after such a sale.

You are not entitled to choose which securities in your accounts are sold. The sale of your pledged securities may cause adverse tax consequences. Discuss the tax implications of pledging securities as collateral with your tax advisor.

Wells Fargo Advisors can sell securities or other assets to meet a margin deficiency without contacting you first, even if you have been given a deadline to meet a margin call. The firm may increase its maintenance requirements without advance notice. You are not entitled to an extension of time to meet a margin call.

How do I enable margin to my account?

If you have a financial advisor please call for assistance. If your account is eligible for margin:

Select the account you want to add margin to from the Account Summary > select Manage tab > under Trading select Margin Settings

You will be asked to esign a Margin Agreement.

Please carefully review the Margin Agreement, which explains the terms and conditions of the margin account, including how the interest on the loan is calculated.

How do I remove margin from my account?

Contact the phone number listed on your statement for assistance with removing margin from your account.

How do I enable options trading in my account?

You’ll need to complete the Options Account Information and Agreement. This form is available on our Wells Fargo Advisors desktop website. You can find it in Customer Service >Forms > Account Forms.

When will I see the settled funds from a stock sale?

Stocks will typically settle T+1, or one business day after the trade executes. Settlement dates are available on your trade confirmation available by visiting ‘Statements and Documents’ in the app.

Where can I check my cost basis?

Select the account in account summary. Under the portfolio tab, scroll down to Holdings. You will need to tap on the individual holdings to see all of the tax lots.

Why doesn't my cost basis display?

This could be due to a couple of reasons.

Your shares may be considered "noncovered securities." This happens because financial institutions are only required to track and report cost basis for "covered securities," which are assets acquired on or after specific dates set by the IRS. If you purchased your shares before these dates, they are classified as noncovered. For these older, noncovered assets, we only report the gross proceeds of a sale.

The position was traded intraday, and the cost basis information has not been populated yet. This will be updated overnight. If the position was transferred in, we would not have received the original cost basis information from the contra firm.

How do I liquidate a non-transferable asset?

To liquidate nontransferable assets, you'll need to authorize the liquidation and the transfer of the resulting credit balance. You can also authorize the deduction of any outstanding fees from this credit balance.

If your account doesn't have a credit balance, or if it's not enough to cover outstanding fees, you can authorize the liquidation of assets to cover those obligations.

Please note that in addition to potential liquidation fees or taxes, you may also incur account termination or transfer fees.

You may need to contact the number on your statement to temporarily lift the restriction on the account prior to placing orders to sell the non-transferrable securities.

Can I place sell-to-open put orders before the market opens?

Please contact the number on your statement to place sell-to-open orders before the market opens.

What is the difference between market and limit orders?

Market orders are used to buy or sell securities promptly at the best available price. The execution price on a market order is not guaranteed. Customers should understand that the last-traded price is not necessarily the price at which an order will be executed and that in fast-moving or illiquid markets, the price at which an order executes could be significantly away from the last-traded price or recent quotations in the security.

Limit orders are used to buy or sell securities at a specific price or better and can help protect customers from adverse price movements when entering orders to buy or sell a security. Customers are strongly encouraged to consider using limit orders during periods of high market volatility or for securities with volatile trading prices. Buy limit orders can only be executed at the limit price or lower, while sell limit orders can only be executed at the limit price or higher. Limit orders are not guaranteed to execute and can only be filled when the stock’s market price reaches the limit price.

Fixed Income Securities

What are the different types of fixed income securities?

Generally, common fixed income securities include government, agency, municipal, and corporate bonds, as well as U.S. Treasuries, savings bonds, CDs, and preferred stock.

Treasuries

What is a U.S. Treasury?

A U.S. Treasury is a debt security issued and backed by the U.S. government.

What types of Treasuries are there?

U.S. Treasuries come in several forms — bills, notes, bonds, and Treasury Inflation Protected Securities (TIPS). They mainly differ in how long they last and how, or if, they pay interest over time.

How do Treasuries earn money?

Some Treasuries pay regular interest, while others are sold at a discount and pay their full value at maturity rate. The difference is what you earn.

What’s the difference between the primary and secondary Treasury market?

In the primary market, the U.S. Treasury creates and then sells bills, bonds, and notes directly to investors through scheduled auctions. In the secondary market, investors buy and sell previously issued securities with other investors.

Treasuries you buy or sell through us are in the secondary market, trades can occur before maturity and aren’t limited to set auction dates.

What does it mean to trade a Treasury at a discount or premium?

A Treasury trades at a discount when it costs less than face value and at a premium when it costs more. This happens when Treasuries are sold on the secondary market, where prices can change over time.

How can I place a fixed income trade?

You can trade most U.S. Treasuries and CDs we offer from your brokerage account.

U.S. Treasuries: Buy and sell secondary market Treasuries from the app by selecting the account from account summary, select the Trade tab, then select U.S. Treasuries.

Treasury orders can be placed online Monday through Friday, 8 am to 5 pm ET (on regular trading days). We do not allow extended hours trading for Treasuries at this time.

To sell a CD or trade other fixed income securities, you’ll need to call and speak with a representative.

Brokered CDs

What is a brokered CD?

A brokered CD is a certificate of deposit issued by a bank and offered through a brokerage firm. Like traditional bank CDs, brokered CDs pay a fixed interest rate in exchange for holding your principal, returning it in full at maturity.

Unlike traditional bank CDs, brokered CDs can be sold before maturity without an early withdrawal fee. However, selling early may result in a gain or loss depending on market conditions.

How do CDs earn money?

Like traditional bank CDs, brokered CDs pay interest based on a stated rate (called the coupon). If you hold to maturity, you’ll also get back your original principal. For secondary market CDs, you may earn a higher return if you buy at a discount (or a lower return if you buy at a premium).

Look at the yield to worst or yield to maturity to understand your total return, since it reflects interest payments and any gain or loss from the price. Keep in mind that selling before maturity may result in a gain or loss due to market conditions.

When can I trade CDs?

CD trading is available Monday through Friday, 8 am to 5 pm ET (on regular trading days).

To buy or sell a CD, you’ll need to contact your financial advisor or call the number on your statement.

What’s the difference between a new issue and a secondary market CD?

New issue (or primary market) CDs are created and issued directly by a bank. Because they’re new, their issue date may be in the future, and they always sell at 100% of the face value (typically $1,000 per CD).

Secondary market CDs are ones investors previously purchased and are reselling through a brokerage firm. They’re available for immediate purchase and are typically priced at a premium or discount (meaning the price per CD will be above or below its face value).

What does it mean to trade a secondary market CD at a discount or premium?

A secondary CD trades at a discount when you pay less than its face value and at a premium when you pay more. This applies only to CDs on the secondary market (not new issue), where prices can change over time.

Keep in mind, buying or selling at a premium or discount involves market risk — if you sell before maturity, you could receive more or less than you originally invested.

What can I do when the CD matures?

Brokered CDs do not reinvest automatically. Upon maturity, you will be paid the principal value of the CDs plus any accrued interest.

When do dividends post?

Dividends and other distributions are generally credited to your account when they are paid by the issuer and can be viewed in your account activity. Depending on your account elections, eligible dividends may be paid in cash or reinvested. If expected payments have not been received, review your account preferences and any account restrictions that may affect distributions. For assistance, please contact your Financial Advisor.

Options

How can I trade options?

If you wish to trade options and have a financial advisor, contact your advisor. If you have a WellsTrade account, the account must first be approved for options trading call the number on your statement for information. The types of options strategies available depend on your approved options trading level and account type. Once approved, eligible options trades can be placed online.

How do I transfer a short option position?

You can do this by initiating an ACAT; however, short option positions may require additional review when transferring brokerage accounts. The receiving account must meet applicable options trading and margin requirements. Contact Wells Fargo Advisors or the receiving firm before initiating the transfer to confirm that the position can be accepted.

Documents

Where can I see or find account documents?

You can find statements, tax documents, trade confirmations, client overview reports, account updates, and account agreements on the app.

Money Movement

Can I move money between my bank and brokerage accounts?

If you have a Brokerage Cash Services (BCS) account associated with your Brokerage Account, you can move money to and from your account. Select ‘Pay and Transfer’ and then ‘Transfer’ then choose which accounts you would like to transfer money between.

If you don’t have a Brokerage Cash Service (BCS) account, you can add a BCS account to your investment account.

From the Account Summary screen, select the account you want to add BCS. From the account details screen select the ‘Manage’ tab. Scroll down to Services select ‘Enroll in Brokerage Cash Services’.

Do I need to sell investments before submitting a withdrawal?

Withdrawals and wire transfers are generally available only from cash that is available in your account. If your funds are currently invested, you may need to sell those investments before the proceeds become available for withdrawal. The amount available to withdraw may be lower than your total account value due to pending transactions, unsettled trades, account restrictions, or other requirements. Before selling investments, consider the potential tax and financial implications and consult your financial advisor and your tax advisor if you need guidance.

Can I move money to or from an external bank account?

Go to the Pay & Transfer menu, and select ‘Add a non-Wells Fargo Account’ from the Transfer Money screen.

External accounts must be verified before use. If instant verification isn’t available, trial deposit verification may be required.

Can I transfer to a Wells Fargo Advisors account from another brokerage firm?

Most accounts can be transferred from another brokerage firm to Wells Fargo.

Contact your financial advisor with specific details if that applies.

If you are a Wells Trade or Intuitive Investor customer, you may be eligible to request an account transfer for individual eligible accounts in the app. Select ‘Pay and Transfer’ and then ‘Transfer Assets’.

A transfer processed using the Automated Customer Account Transfer Service (ACATS) system processing time is 5 -7 business days

Manual transfer process is 2 - 6 weeks depending on delivering firm.

How do I transfer my Wells Fargo Advisors brokerage account to another firm?

You will need to contact the new firm and follow their instructions.

Why is my account not listed in the ‘Pay and Transfer’ feature?

An account may be missing from Pay and Transfer, or a transfer may be blocked, for several reasons.

Your brokerage account doesn't have Brokerage Cash Services (BCS). Without BCS, you can't make online transfers between your brokerage account and non-Wells Fargo accounts.

The external account isn't linked yet, or the owners don't match. Every owner of the brokerage account must also own the linked bank account.

The account hasn't been added to your online access. Go to Menu > Account Services > Add or Remove Online Account Access.

The account type, such as some IRAs or trusts, isn't eligible for that transfer or needs a tax withholding election first.

The account has a restriction or not enough settled cash. For access issues, call Online Services at 1-877-879-2495.

What do I need to initiate a Wire Transfer?

If you have a Brokerage Cash Services (BCS) account associated with your Brokerage Account, you can move money to and from your account. Select ‘Pay and Transfer’ and then ‘Wire Money’.

If you don’t have a Brokerage Cash Service (BCS) account, you add a BCS account to your investment account. Navigate to the Portfolio Page and select “Accounts”. Scroll down to the “Account Services” section and select Enroll in Brokerage Cash Services and then follow the instructions on the screen.

If it is an incoming domestic wire transfer to a brokerage account, the ABA number is 121000248

How can I deposit a check?

You can make a mobile deposit in the app by selecting ‘deposit’. Select the account and follow the prompts.

When will a deposited check clear?

When you deposit a check, funds may be subject to a hold while the check is processed. Checks can be returned for reasons such as endorsement issues, insufficient funds, stop payments, or other processing concerns. If a check is returned, the deposit may be reversed, and you will be notified. If you believe a check was deposited to the wrong account, please contact us for assistance.

How long does a wire transfer take?

Domestic: Same day - Initiated at Contra Firm

Foreign: 2 - 7 business days, processing times vary depending on where funds are coming from - Initiated by Contra Firm

How can I check the status of a transfer?

You can track completed transfers, distributions, and checks in your account activity. Delays may occur if additional documentation, signatures, identity verification, or available cash are required. If a transfer appears delayed or incorrect, please contact your Financial Advisor for assistance.

Where can I track the status of a check sent from my account?

Checks requested from your account are mailed to your address after the request is processed. You can track issued checks in your account activity. If a check has not been received after a reasonable mailing period, please contact us for assistance. Additional documentation or verification may be required for certain requests.

What could prevent or restrict money movement capabilities?

A hold or restriction can be placed on an account for many reasons. These include an uncleared deposit, unsettled trades, a margin debit, missing documents, identity or address verification, a returned payment, an estate or legal matter, or regulatory requirements. While the hold or restriction is in place, some withdrawals, online transfers or trades may not be available. Please contact us for details about a specific restriction.

What would delay a refund posted to my account?

Electronic deposits, such as direct deposits, tax refunds, and merchant refunds, are credited to your account after they are released by the sender. If an expected deposit has not been received, confirm that the sender used the correct account information and allow time for processing. Merchant refunds are typically returned to the original payment method used for the transaction.

How do I donate from my account?

To donate securities, you'll generally need to provide written transfer instructions along with the receiving charity's account information. If the charity cannot accept securities directly, you may choose to sell the investment and donate the cash proceeds instead. For retirement accounts, charitable distributions may be subject to specific IRS requirements and tax treatment. Because charitable gifts and distributions can have tax implications, consider consulting a tax advisor before proceeding.

Are there penalties for withdrawing from an investment account?

There is generally no age-based early withdrawal penalty for withdrawals from a non-retirement brokerage account. However, selling investments to generate cash may result in taxable gains or losses. Certain investment products may also have fees, surrender charges, or other restrictions that could apply when funds are withdrawn. Retirement accounts are subject to different tax rules and may incur taxes or penalties depending on your age and circumstances. Before withdrawing funds, consider the potential tax implications and consult a tax advisor if needed.

Why does my account show a negative balance?

A negative (debit) balance can occur when there isn't enough available cash to cover account activity, such as purchases, fees, returned deposits, or other account obligations. If a debit balance remains unresolved, your account may be subject to restrictions or other actions. In margin accounts, a debit balance may also result in interest charges and additional requirements. If you receive a notice regarding a debit balance, review it carefully and take any required action by the specified deadline.

How do I contribute to or withdrawal from my 401(k)?

Your employer's plan administrator runs your 401(k) or other workplace plan. Withdrawals, hardship or loan requests, and payroll contributions go through the plan. If your 401(k) was opened with Wells Fargo Advisors, please contact your financial advisor for assistance.

IRA Contributions

How do I contribute to my IRA?

Eligible IRA contributions can be made online through “Pay & Transfer”. In the app, go to “Pay & Transfer”, then “Transfer”. Follow the prompts to select the IRA Brokerage Cash account and the funding bank account. Choose the frequency, date, and payment option (contribution year and amount). Select “Continue” to move forward. Current-year contributions and remaining eligible amount will display before confirming.

Eligible IRAs for online contributions include Traditional and Roth IRAs, Simple IRA (employer contributions), and SEP IRA (individual contributions). Contributions must come from an account with the same ownership.

If using a non-Wells Fargo account, add and verify it first under “Pay & Transfer”, then “Transfer”.

Can I mail a check to contribute to my IRA?

Yes.

To deposit a check, first make sure to:

Make the check payable to Wells Fargo Advisors.

Write the contribution year and account number on the check, even when submitting with the form.

Be sure to write all relevant information (account number, etc.) on the check.

Check deposits have a seven business day hold before a distribution can be processed.

Then, mail your check along with any other required paperwork for the deposit, if applicable, to the address listed below:

Wells Fargo
Brokerage Check Processing Main
PO BOX 857592
Minneapolis, 55485-7592

If you need to overnight mail a check:

If overnight delivery is needed, mail to:

Attn: LOCKBOX SERVICES 857592
1801 Park View Drive 1st Floor
Shoreview, MN 55126

Include 'Lockbox Services' and Lockbox Number 857592 in the reference section of the mailing label.

Can an IRA rollover be completed by mailing a check?

Yes.

If you are rolling over from your personal account (an indirect rollover), you will need to mail in a form along with a check to complete a rollover by mail. Follow these steps:

You need to complete one of the following forms and send with your check

#585700 for a traditional or roth ira

#596120 for a business traditional or roth ira

#569383 for a SEP or Simple IRA

Clearly write ROLLOVER and the brokerage IRA account number on the check.

Make checks payable to:

Wells Fargo Advisors FBO [your name],
Wells Fargo Clearing Services, LLC FBO [your name] or
WFCS, LLC FBO [your name], or
Wells Fargo FBO [your name].

Mail your check, and if applicable, the appropriate form to:

Wells Fargo Brokerage
PO BOX 857592
Minneapolis, MN 55485-7592

If overnight delivery is needed, please mail to:

ATTN: LOCKBOX SERVICES 857592
Wells Fargo Brokerage
1801 Park View Drive 1st Floor
Shoreview, MN 55126

Include 'Lockbox Services' and Lockbox Number 857592 in the reference section of the mailing label.

Can a rollover be completed by wire?

You will need to call your financial advisor or the number on your statement.

How do I cancel a rollover?

You will need to call your financial advisor or the number on your statement.

IRA Distributions

How do I know if I’m eligible to take an IRA distribution online?

Eligibility depends on your account setup and whether Brokerage Cash Services (BCS) is enabled on your IRA.

BCS Eligibility requirements:

Have the Wells Fargo mobile app, or have access to wfa.com on mobile or desktop

Have one of the following accounts WellsTrade, Wells Fargo Advisors Solutions, WBS, PCG or FiNet

Must be enrolled in Access Online

Must have Trusted mobile number

No BORD restrictions

Some managed accounts and Business accounts are ineligible

How do I set up a Require Minimum Distribution (RMD) online?

For eligible IRA accounts (traditional, inherited, SETH/simple), once your BCS account is set up you can set up a one-time distribution on the app.

Select your account from the Account Summary page > Select Manage tab > Scroll down to Services > Select Withdraw funds > Select “From” and “To” accounts > Enter gross distribution amount > Elect federal and state tax withholding > Review & Submit

How soon can I request a distribution after enrolling in Brokerage Cash Services (BCS)?

An overnight update is required before your cash balance is available for distribution. We’re currently working on enhancing this experience to allow immediate distributions.

Are there limits to how much I can transfer?

Yes. Digital money movement limits apply to all IRA distributions, including full and partial withdrawals.

How many distributions can I request in a day?

There is no limit to the number of distribution requests you can submit each day.

Where can I send my IRA distribution?

You can transfer funds to any non-retirement account that you own individually or jointly, including:

Wells Fargo checking or savings accounts

Wells Fargo Advisors brokerage accounts

Accounts at other financial institutions

Do I need to verify my identity each time I request a distribution?

Yes. For your security, you may be asked to verify your identity when submitting a distribution request.

Why don’t I see my RMD amount?

If we don’t have the information needed to calculate your Required Minimum Distribution (RMD)—such as your prior year-end account balance—it may display as “Not Available.” You can use an RMD calculator to estimate your required amount.

Will I receive confirmation of my distribution?

Yes. You’ll receive confirmation by email and secure message in your online account

If email delivery fails, a paper letter will be mailed. You can also print your confirmation for your records.

Can I cancel a distribution after submitting it?

Once you hit submit for an online transfer, it cannot be canceled.

What happens if I don’t have enough cash available?

If your requested amount exceeds your available cash, you’ll receive a notification with next steps. You may need to sell investments to make cash available, then return to complete your request.

Can I withhold 100% of my distribution for taxes?

This option is not currently available online. Please call the number on your statement for assistance.

Is my request reviewed before processing?

No. Most requests are processed automatically once submitted.

Can I request a distribution if my account is being transferred (ACAT)?

No. Distributions are not available while your account transfer is in progress.

What if more funds are added to my account after I take a full distribution?

If additional funds (such as dividends or interest) are deposited, you can request another distribution to avoid potential fees.

Do I need to add my bank account before requesting a distribution?

Yes. If you’d like to send funds to an external account, you’ll need to add and verify that account before submitting your request.

Does the account need to be in my name?

Yes. The receiving account must be owned individually or jointly by you.

Can I access records of my distribution?

Yes. Distribution confirmations are available in your account documents. You can find the documents by Selecting Menu > Select Statements & Documents > Under Investing, select Statements and Documents > Select Document Type and select applicable document (statements, tax documents/1099s, trade confirmations, account agreements, Notices/Disclosures) > Select View Results

Manage Dividend Reinvestments

Can I manage dividend reinvestment online?

Yes. You can manage dividend reinvestment here in the app.

How do I update my dividend reinvestment settings?

• Mobile App: Select the account you want to update > Select the Manage tab >under Trading select Manage Dividend Reinvestment

You can turn reinvestment on or off and set exceptions for individual securities.

What investments are eligible to be changed or managed online?

Most trade-enabled positions, such as equities, can be managed on the app. Mutual funds cannot be changed within the app. Please call your financial advisor or the number on your statement.

When are changes processed?

Changes are processed in real time until 5:45 PM CT. Requests submitted after this time are processed the next business day.

When do changes take effect?

Firm Reinvest Eligible: Submit at least 1 business day before payable date

DTC Reinvest Eligible: Submit on or before record date

Can I change my mutual fund distributions from reinvestment to an external account?

Contact the phone number on your statement for assistance with updating your mutual fund distributions to an external account.

Account Maintenance and Forms

Where do I find new account documents online?

New account documents are available under Statements & Documents in the app.

Where can I find forms?

Forms aren’t available on the mobile app you will need to sign on from a desktop.

From the Desktop: Sign on and go to Customer Service > Forms, then select the needed category: Account Forms, Move Money & Securities, IRA, or Tax Forms.

How can I upload a document?

If you have a WellsTrade, Intuitive Investor or Solutions account, this feature is available on your desktop browser only. You can upload documents through the Message Center. Click on the new messages icon, select “Send Documents”, and then follow the online instructions to attach your chosen document to upload.

If you don’t have one of these accounts, contact your Financial Advisor team for the best way to securely send your documents.

Where do I change how I receive my statements?

You can manage your delivery preferences in the app by selecting ‘Statements & Documents’>Delivery Preferences.

When will I receive my statements?

Statements are issued at least quarterly, and in any month with account activity. Statements reflect the full calendar month and are processed after the last business day of the month.

An email notification is sent to the primary email of record when a document is available to view online.

Why can’t I see my statements?

This may be due to the account being closed longer than 7 years. Statements are viewable for up to 7 years online.

Brokerage account statements are only generated monthly if there is activity, otherwise quarterly statements will be available.

Where can I get my tax documents?

You can access tax documents in the app. Select Menu, then Statements & Documents. In the Investing section, select Statements & Documents. Choose your Account and then select Tax Documents/1099s as the Document Type and the desired Tax Year.

Statements, Trade Confirmations, and Tax Documents/1099s are available online for up to 7 years.

When are tax forms available?

Tax forms for your brokerage accounts are mailed between late January and the end of February. If you have more than one account, they may arrive at different times.

Amended tax documents are delivered at different times depending on the specific form and account type. Refer to the Tax Center in your mobile app for additional details.

Do beneficiaries have access to statements?

Beneficiaries don’t have access to brokerage statements while the account is active. Access is generally provided only after the account holder’s passing, once the beneficiary claim is completed and assets are transferred.

How do I access account conversion notices from my phone?

You can access account conversion notices in the app. Select Menu, then Statements & Documents. In the Investing section, select Statements & Documents. Choose your Account and then select Tax Documents/1099s as the Document Type and the desired Tax Year.

How can I receive an asset verification letter?

To receive a letter confirming the balance of your account, please contact the support number shown on your account statement.

How can I close my account?

Please contact the number on your statement to get assistance with closing your account.

How can I receive funds from my closed brokerage account?

Remaining funds are typically disbursed during the account closure process, either by check or transfer to a linked bank account, based on the instructions on file. If you have not received your funds, contact the phone number on your statement to confirm how the funds were sent and check the status.

How will I know my account is closed, and can I still get my statements and tax documents?

For a brokerage account, the account will no longer appear in your account summary. You can still access statements for up to 7 years. The account will be labeled "closed" in the statement drop down menu.

How do I go paperless, or switch back to paper statements?

Document delivery preferences can only be set by an account owner. From account summary, select Menu, select Statements & Documents. Under Investing, select Delivery Preferences.

How can I check my account balance, holdings, and recent activity?

You can see your balances on the account summary page, for more detailed account activity select the account. Under the Portfolio tab, scroll down to Recent Activity.

Why do I have a debit (negative) balance or receive an unpaid-balance letter, and how do I resolve it?

A debit balance means your account owes money. This can happen when a purchase, fee, or withdrawal (such as a returned deposit or a debit card or check transaction) is more than your available cash. Brokerage Cash Services does not offer overdraft protection unless you have a margin line set up. We send notices when a debit stays unpaid. To fix it, deposit funds by transfer from a linked bank account, or sell securities.

Please contact the number on your statement to get assistance.

Why would my account be closed, or funds held for a garnishment?

Wells Fargo Advisors may close an account under the terms of your account agreement—for example, after prolonged inactivity or a zero balance, regulatory or verification issues, or fraud concerns. If funds are frozen or removed because of a garnishment, levy or other legal order, we're legally required to comply and can't stop or reverse it on your behalf. To challenge a garnishment, contact the creditor, court or agency named in the order, or an attorney.

Can Wells Fargo Advisors help with my Wells Fargo credit card or bank account?

Wells Fargo Advisors handles your brokerage and investment accounts. Questions about Wells Fargo credit cards, checking and savings accounts are handled by Wells Fargo Bank. Use the phone number on the back of your card or call the number on your Wells Fargo Bank statement.

How do I check whether ownership changed, if power of attorney or conservatorship documents were received and approved?

Please contact your financial advisor or call the number on your statement to get assistance for updates on account status.

Why was my estate, beneficiary or ownership request rejected or not processed?

Please contact your financial advisor or call the number on your statement to get assistance for updates on account status.

How do I add, use or remove the power of attorney on a brokerage account?

Please contact your financial advisor or call the number on your statement. Some accounts such as LLC, non-profit, partnership and sole proprietorships do not allow power of attorney.

Another company needs Wells Fargo's signature, address, or check details for my account. How do I get them?

Please contact your financial advisor or call the number on your statement to get assistance with your account.

How do I transfer my account from Wells Fargo Advisors to another firm?

Transfers of accounts out of Wells Fargo Advisors can be initiated by your new firm.

How do I move shares held at a transfer agent, employer, stock plan or foreign firm into my brokerage account?

Shares held in book-entry (DRS) form at a transfer agent such as Computershare can usually be moved with your transfer agent account details and a Letter of Authorization or transfer form. For an employer's stock plan, ask the plan administrator to send your vested shares to your brokerage account.

If I transfer my whole account to another firm, does that close my account?

After all assets move, your account usually has a zero balance, but small amounts such as later dividends or interest may still arrive. For leftover cash after a transfer, call the number on your statement. Consult your tax advisor about tax effects.

How do I transfer an annuity or change the broker on my annuity?

Please contact your financial advisor or call the number on your statement to get assistance with your account.

Are there fees for withdrawing from my annuity?

Please contact your financial advisor or call the number on your statement to get assistance with your account.

Which number should I call for help with my brokerage account, and when are you available?

Please contact your financial advisor or call the number on your statement to get assistance with your account.

Which phone number should I call for my question?

Please contact your financial advisor or call the number on your statement to get assistance with your account.

Who do I call for help with withdrawals or trades, and can I check my balance by phone?

If your account has trading capability, you can trade through the app. If your account has a brokerage cash service account, select Pay and Transfer in the bottom navigation. For balance information, view your account in account summary. For more detailed information, select the account.

How can I check whether you received my estate documents, and how long does processing take?

Please contact your financial advisor or call the number on your statement to get assistance with your account.

I'm a beneficiary of a brokerage account. How do I claim my share?

Please contact your financial advisor or call the number on your statement to get assistance with your account.

How do I close a deceased person's account or receive the proceeds?

Please contact your financial advisor or call the number on your statement to get assistance with your account.

Can I find out what accounts a deceased family member had, who the beneficiaries are, or view the account online?

To protect privacy, we can share account details only with people authorized to receive them—such as a surviving owner, a named beneficiary (about their own share) or a court-appointed executor or personal representative. If you're unsure whether the person had an account with us, contact us with their full name, SSN and a death certificate. Being a family member alone doesn't grant access.

Will statements and tax forms continue for a deceased owner's account, and how can I get copies or balances?

Yes, until all assets are transferred or distributed, the account remains open. Statements, notices, and tax documents will continue to be produced. The executor or other authorized representative can request copies, balance information, and update the mailing address, so statements and tax documents (such as Form 1099) are sent to their attention.

Where do I get estate and beneficiary claim forms, and how do I send documents?

Some forms may be available from the desktop. Sign on to wfa.com from a desktop and go to Customer Service > Forms. If the form is not available, contact your financial advisor or call the number on your statement.

My joint account owner (spouse) died. How do I move the account into my name?

If the account was owned jointly with rights of survivorship, the surviving owner is generally entitled to the assets. To retitle the account in your name alone, you'll typically provide a certified death certificate and complete the required forms. We may open a new individual account in your name to receive the assets. Please contact your financial advisor or call the number on your statement to get assistance with your account.

How does an executor move a deceased owner's account into an estate account?

When an account has no surviving joint owner or named beneficiary, the assets generally pass to the owner's estate. The executor or administrator typically opens an estate account titled in the name of the estate. From the estate account, the executor can transfer funds to another account titled to the estate.

What documents do I need to settle a deceased owner's account?

Requirements depend on how the account is registered and its value. Please contact your financial advisor or call the number on your statement.

How is cost basis determined for securities I inherited?

Under general IRS rules, inherited securities in a taxable (non-retirement) account usually receive a new cost basis equal to their fair market value on the date of death (or an alternate valuation date if the estate elects it). For jointly owned accounts, only the deceased owner's share is typically adjusted.

How do I claim unclaimed funds from an account?

If an account has had no owner contact for a period set by state law, the assets may be reported and transferred (escheated) to the state's unclaimed property office. If funds have already been escheated, you'll generally claim them directly from that state's unclaimed property program. If funds haven't been escheated reach out to your financial advisor or call the number on your statement.

How long does it take to process documents I've submitted, and why am I asked to sign again?

Timeframes depend on the document submitted; please contact your financial advisor or call the number on your statement.

How can I find out if you received my form, and when it will be processed?

Processing times depend on the form type and whether it's complete. Forms you sign electronically are usually received right away. Allow extra time for fax and mail. Contact your financial advisor or call the number on your statement for more information.

Can I get a liquidation age of termination form online?

No. You will need to contact your financial advisor or call the number on your statement.

What alerts can I set up on my account?

Select the account you would like to set up an alert for. Select the "manage tab" scroll down to "Services". Select "Manage alerts"

You can select how you receive trade notifications as well as set up

Ticker symbol alerts: price, news and volume

Balance alerts: Balance below, balance above or total balance