How to Rollover Fidelity 401k

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How to Rollover Fidelity 401k: Step-by-Step Guide

Rolling over an old 401k plan to a new one at Fidelity can be a beneficial way to consolidate your retirement savings. Begin by gathering information from both your old and new plans, including account numbers, balances, and investment options. Contact Fidelity to create a new account if you don’t have one already. Choose the type of rollover you want, either a direct rollover or an indirect rollover. For a direct rollover, your old plan administrator sends the funds directly to Fidelity. For an indirect rollover, you receive a check from your old plan, and then deposit it into your new Fidelity account within 60 days. Review your options carefully, as there may be tax implications or fees associated with different rollover methods. By following these steps, you can efficiently roll over your old 401k plan to Fidelity and take advantage of its investment offerings and retirement planning services.

Transferring Your Account

Rolling over your Fidelity 401(k) to another account can be a smart financial move if you’ve left your previous employer or are looking for more investment options.

Here are the steps involved in transferring your account:

1. **Choose a new retirement account:** Decide where you want to roll over your funds. Consider factors like fees, investment options, and customer service.

2. **Contact Fidelity:** Inform Fidelity of your intention to roll over your account. They will provide you with necessary forms and instructions.

3. **Complete the rollover form:** Fill out the rollover form provided by Fidelity. Provide details about your new account and the amount you want to transfer.

4. **Submit the form:** Send the completed form to Fidelity. They will initiate the transfer process.

5. **Wait for the transfer:** The transfer may take several business days to complete. Fidelity will send you confirmation once it’s done.

To help you with the process, here are some additional tips:

  • Make sure your new retirement account is eligible to receive rollovers.
  • Consider the tax implications of the rollover. You may incur taxes if you withdraw funds from your 401(k) prematurely.
  • Keep records of your rollover transaction for tax purposes.
Type of Rollover Tax Treatment Eligibility
Direct Rollover No immediate taxation Rollover funds directly from old to new account
Indirect Rollover Potential taxation Receive funds from old account and deposit into new account within 60 days
60-Day Rollover No immediate taxation Rollover funds within 60 days of receiving distribution

Fidelity 401k Rollover

Rolling over a Fidelity 401k involves transferring funds from your former employer’s plan to a new plan, such as an individual retirement account (IRA) or a new employer’s plan.

Tax Implications

  • Direct Rollover: Tax-free. Funds are directly transferred from the old plan to the new plan without being subject to income tax or early withdrawal penalties.
  • Indirect Rollover: Taxable. You receive a distribution from the old plan and have 60 days to contribute it to the new plan. Income tax is withheld from the distribution, but you can avoid penalties if the funds are deposited into the new plan within 60 days.

Steps to Rollover

1. Contact Fidelity and request a rollover distribution form.
2. Determine the type of rollover you want (direct or indirect).
3. Complete and submit the distribution form to Fidelity.
4. If performing an indirect rollover, deposit the distribution into the new plan within 60 days.

Types of IRAs

Type Contribution Limits (2023) Income Limits for Deductibility
Traditional IRA $6,500 (+$1,000 for age 50+) Phased out for higher earners
Roth IRA $6,500 (+$1,000 for age 50+) Income limits apply

Rollover Options

There are three main options for rolling over a Fidelity 401(k):

  • Direct Rollover: This is the simplest and most common option. You send the money directly from your Fidelity 401(k) to your new retirement account. This can be done through Fidelity’s website or by contacting their customer service department.
  • Indirect Rollover: This option involves taking the money from your Fidelity 401(k) as a distribution and then depositing it into your new retirement account within 60 days. However, there is a 20% mandatory withholding tax for qualified plan distributions that are not rolled over within 60 days. You can avoid the withholding tax by making a direct rollover or by having the distribution paid directly to the new account.
  • 60-Day Rollover: This is a special type of indirect rollover that allows you to take the money from your Fidelity 401(k) in cash and then deposit it into your new retirement account within 60 days. The advantage of this option is that you don’t have to pay the 20% mandatory withholding tax upfront. However, you will have to pay the tax when you file your taxes the following year.

The best option for you will depend on your individual circumstances. If you are not sure which option is right for you, you can contact Fidelity or speak with a financial advisor.

Rollover Considerations

Before you roll over your Fidelity 401(k), there are a few things you should consider:

  1. Taxes: When you roll over your 401(k) to a traditional IRA, the money remains tax-deferred. However, if you roll over your 401(k) to a Roth IRA, the money is taxed upfront. However, you will not have to pay taxes on the withdrawals in retirement.
  2. Fees: Fidelity may charge a fee for rolling over your 401(k). The fee will vary depending on the type of rollover you choose.
  3. Timing: You have 60 days to complete a direct or indirect rollover. If you do not complete the rollover within this time frame, you will have to pay taxes on the distribution.
  4. Beneficiaries: When you roll over your 401(k), you will need to designate new beneficiaries for the account. Make sure you update your beneficiaries to reflect your current wishes.

Rollover Process

The rollover process is relatively simple. Here are the steps you need to follow:

Step Action
1 Contact Fidelity and request a rollover form.
2 Complete the rollover form and return it to Fidelity.
3 Fidelity will process the rollover and send the money to your new retirement account.

Please note that the rollover process may take several weeks. Once the rollover is complete, you will receive a confirmation statement from Fidelity.

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