Investing involves risk, including risk of loss.
1.
No account fees or minimums to open Fidelity retail IRA accounts. Expenses charged by investments (e.g., funds, managed accounts, and certain HSAs), and commissions, interest charges, and other expenses for transactions, may still apply. See Fidelity.com/commissions for further details.
2.
For a traditional IRA, for 2022, full deductibility of a contribution is available to covered individuals whose 2022 Modified Adjusted Gross Income (MAGI) is $109,000 or less (joint) and $68,000 or less (single); partial deductibility is available for MAGI up to $129,000 (joint) and $78,000 (single). In addition, full deductibility of a contribution is available for non-covered individuals whose spouse is covered by an employer sponsored plan for joint filers with a MAGI of $204,000 or less in 2022; and partial deductibility is available for MAGI up to $214,000. If neither you nor your spouse (if any) participates in a workplace plan, then your traditional IRA contribution is always tax deductible, regardless of your income. For 2023 full deductibility of a contribution is available to covered individuals whose 2023 Modified Adjusted Gross Income (MAGI) is $116,000 or less (joint) and $73,000 or less (single); partial deductibility for MAGI up to $136,000 (joint) and $83,000 (single). In addition, full deductibility of a contribution is available for non-covered individuals whose spouse is covered by an employer sponsored plan for joint filers with a MAGI of $218,000 or less in 2023; and partial deductibility for MAGI up to $228,000. If neither you nor your spouse (if any) is a participant in a workplace plan, then your traditional IRA contribution is always tax deductible, regardless of your income.
3. For Traditional IRAs, penalty-free withdrawals include but are not limited to: qualified higher education expenses; qualified firm home purchase (lifetime limit of $10,000); certain major medical expenses; certain long-term unemployment expenses; disability; death; or substantially equal period payments.
4.
A qualified distribution from a Roth IRA is tax-free and penalty-free. To be considered a qualified distribution, the 5-year aging requirement has to be satisfied and you must be age 59½ or older or meet one of several exemptions (disability, qualified first-time home purchase, or death among them).
Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.
Optional investment management services provided for a fee through Fidelity Personal and Workplace Advisors LLC (FPWA), a registered investment adviser and a Fidelity Investments company. Discretionary portfolio management provided by its affiliate, Strategic Advisers LLC, a registered investment adviser. These services are provided for a fee.
Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917
