Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified financial services company with $1.6 trillion in assets. Founded in 1852, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, more than 12,500 ATMs, online (wellsfargo.com), and mobile devices. We’re headquartered in San Francisco, but we’re decentralized so every local Wells Fargo store is a headquarters for satisfying all our customers’ financial needs and helping them succeed financially. We do business with one in three U.S. households. Wells Fargo has more than 265,000 team members in 36 countries across our approximately 90 businesses. At the end of third quarter 2014, Wells Fargo ranked fourth in assets among U.S. banks and was the world’s most valuable bank by market capitalization. In 2013, Euromoney named Wells Fargo “Best Bank” in its Global Awards for Excellence, the first time a U.S.-based bank has won the top award. The Chronicle of Philanthropy ranked Wells Fargo’s corporate giving in the top two among all U.S. companies each of the past two years. Our vision: “We want to satisfy all our customers’ financial needs and help them succeed financially.”
The two most common types of IRAs work differently. Learn more about which may be the best choice for your retirement strategy.
Refer to the Wells Fargo Bank Consumer Account Fee and Information Schedule for further information about the Portfolio by Wells Fargo program and applicable bank fees. Some brokerage accounts are not eligible to be linked to a Portfolio by Wells Fargo program, and they will not receive Portfolio by Wells Fargo program benefits. The Wells Fargo Bank Portfolio by Wells Fargo program has a $25 monthly service fee. The fee can be avoided each fee period with $20,000 or more in statement-ending qualifying linked bank deposit account balances (checking, savings, time accounts (CDs), FDIC-insured IRAs) and investment account balances (brokerage available through our brokerage affiliate Wells Fargo Advisors, Investment & Fiduciary Services, annuities, and foreign exchange). For more information, call Wells Fargo Bank, N.A. at
Be tax smart as you plan for retirement Whether you’re hoping for a deduction or mapping out a family legacy, tax planning and retirement go hand-in-hand.
A Roth IRA conversion occurs when you take savings from a Traditional, SEP, or SIMPLE IRA or employer-sponsored retirement plan such as a 401(k) and move them to a Roth IRA. At the time of conversion, you will pay the appropriate taxes due on before-tax dollars converted; the IRS 10% additional tax on early or pre-59 1/2 distributions does not apply. The benefits of a tax-free income in retirement may justify the conversion.
Income tax will apply to Traditional IRA distributions that you have to include in gross income. Qualified Roth IRA distributions are not included in gross income. Roth IRA distributions are generally considered “qualified” provided a Roth IRA has been open for more than five years and the owner has reached age 59 1/2 or meets other requirements. Both Traditional and Roth IRA distributions may be subject to an IRS 10% additional tax for early or pre-59 1/2 distributions.