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| Overview |
| There are several types of brokerage and
eligible mutual fund IRAs for which you can request an IRA withdrawal online: |
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Traditional IRA |
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Roth IRA |
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Rollover IRA |
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SEP IRA |
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Beneficiary Distribution Accounts: Traditional and Roth IRAs |
Be sure to read all of the sections
listed in the table of contents at the top of this page before making a withdrawal from your retirement
account.
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Federal Tax Withholding Elections |
| For IRAs other than Roth, IRS
regulations require that Fidelity withhold 10% of the gross distribution (or withdrawal). Federal income
tax will not be withheld from distributions from a Roth IRA unless you elect to have such tax withheld. |
| You may elect not to have federal tax withheld (provided that you have supplied Fidelity with a
U. S. address) or you may select the amount withheld by specifying a percentage between 10% and 99%. |
| Whether or not you elect to have a
percentage of your withdrawal withheld, you are responsible for the full payment of federal income tax,
any state or local taxes, and any penalties that may apply to your distribution. |
| You may be responsible
for estimated tax payments and could incur penalties if your estimated tax payments are not
sufficient. |
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State Tax Withholding Elections |
| For IRAs other than Roth, your state's tax
regulations may require that Fidelity withhold a portion of the gross IRA distribution (or withdrawal).
State tax laws vary and, for some states, state tax withholding for IRA distributions does not apply. For Roth IRAs,
state tax is not withheld unless you elect to do so and state tax withholding is applicable for your state. For some states, the state tax withholding
information and options that apply for your IRA withdrawal may also depend on whether or not you have elected to have
federal tax withheld. |
| When requesting an IRA distribution, the state tax withholding information and
withholding options are displayed for your state of legal residence, based on your legal address on file with Fidelity. If not on file, the mailing address
you have on file with Fidelity is used to determine which state's tax laws are applicable. |
| For more information on state tax withholding requirements, refer to the information displayed on the Specify State Tax Withholding screen when requesting an IRA distribution using Fidelity.com.
If you need specific information, consult a tax advisor. |
| Whether or not you elect to have
a portion of your withdrawal withheld, you are responsible for the full payment of any state or local taxes, federal income tax,
and any penalties that may apply to your distribution. You may be responsible
for estimated tax payments and could incur penalties if your estimated tax payments are not
sufficient. |
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| Types of
Withdrawal |
| Based on IRS regulations, a
withdrawal is considered either early or normal, depending upon your specific situation: |
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If you are age 59½ or over, then your
withdrawal type indicates Normal.
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If you are under age 59½, your withdrawal
type is considered early. You must designate whether it is early or early due to a disability. You must
satisfy the IRS definition of disabled. Refer to Early Distribution, below, to learn more.
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If you are the beneficiary on an IRA and following
the death of the original IRA owner you withdraw from your Beneficiary Distribution Account (BDA), the
withdrawal type is distribution due to death regardless of whether or not you are over or under age 59½.
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Distributions due to death are not subject to the
10% premature distribution penalty even if you are under age 59½ and request this type of distribution.
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| For all other withdrawal reasons,
contact a Fidelity representative at 800-544-6666.
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Early Distribution
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| Generally, an early withdrawal from
an IRA is subject to a 10% excise tax penalty unless the distribution is then rolled over or converted to
another IRA within 60 days. When the early withdrawal is due to disability or, if you are the beneficiary
on a deceased individual's IRA, distribution by death, the penalty may be waived. For more information,
access the Retirement Resource Center in the Planning & Retirement tab and consult a tax advisor
about your particular situation.
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| Other exceptions for early
distributions exist as well. These exceptions include early withdrawals due to:
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Deductible medical expenses in excess of 7.5%
of adjusted gross income
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Health insurance premiums paid by certain
unemployed individuals
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Qualified first-time home buyer expenses (up to
$10,000 limit)
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Qualified higher education expenses
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An IRS levy against the account
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| Please call a Retirement Specialist
at 800-544-6666 for more information.
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Limitations and Maximums
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The maximum withdrawal amount using Fidelity.com or by phone is $100,000 per account. For withdrawals exceeding $100,000, requests must be made via a
completed paper form. To get a copy of the form, contact a Fidelity representative at 800-544-6666. |
| For brokerage IRAs, only one withdrawal per
day per IRA may be processed. |
| For eligible mutual fund IRAs, you may have more than one withdrawal request processed at a time
provided the withdrawals are from different mutual funds. |
| In addition, if you have updated your
mailing address within the past 15 business days, then a withdrawal sent by check must be less than
$10,000. However, you can elect to have a withdrawal of up to $100,000 directed to a: |
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A Fidelity
non-retirement account (Individual, Joint, UGMA/UTMA, Transfer on Death, or Trust account and, in addition for brokerage IRAs, College Savings Plan account) having the same Social Security number (SSN)
as the originating IRA) |
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An eligible bank account if you are currently signed up for the Fidelity Electronic Funds Transfer service on your IRA |
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