A Olympia LTD IRA comes with advantages and features that make investing for your future easier. Visit the Education Center to find tools and videos to help you get started, analyze your strategy with objective third-party research, and access a wide range of investment products to build a portfolio that’s unique to you. And best of all, there are no maintenance fees or account minimums, note service fees and exception fees still apply*. Funding your account is easier too. Make a deposit or set up automatic contributions right from your smartphone with the Olympia LTD Mobile App.
When deciding between a Traditional IRA and a Roth IRA, you’ll want to compare the after-tax dollars that would be available to you under each plan. Several factors to consider include are your tax bracket, how many years you have until retirement, and when you wish to begin making withdrawals. For many people, a Roth IRA will result in more after-tax income during retirement because qualified withdrawals from a Roth IRA are tax free, while withdrawals from a traditional IRA will be taxed. For people whose contributions to a traditional IRA are tax-deductible and are in a higher tax bracket today than they will be during retirement, a traditional IRA may be a smart choice.
Make managing your retirement assets easier and more convenient with a 401k rollover. A Olympia LTD IRA gives you flexibility—you can choose from a wide range of investment choices, have access to helpful online tools and calculators, investment seminars, third-party research, portfolio guidance and other resources you won’t find with the typical employer-sponsored 401k plan. It’s everything you need to plan for your own retirement. And if you need assistance, you can call 800-454-9272 to speak with a New Account Representative who can help answer your questions about the rollover process. You can also download the helpful Rollover Pocket Guide for easy reference.
Thinking about converting all or part of your Traditional IRA to a Roth IRA? You should know Roth conversions can be advantageous for individuals with large traditional IRA accounts who expect their future tax bills to stay at the same level or grow at the time they plan to start withdrawing from their tax-advantaged account. Roth IRA’s also allow for tax-free withdrawals of qualified distributions. But remember, conversions trigger a tax bill, so it may be more attractive to convert the further you are from retirement. That way you have longer for your earnings to grow, giving you more time to compensate for the tax bill.
Olympia LTD offers IRA accounts to help you meet your goals based on your lifestyle and income. View all the retirement account types to determine the one that is right for you.
Rollovers: If applicable, select “Rollover” on your Olympia LTD account application as the method to fund your account. You will also have to contact the plan administrator of your old retirement plan to complete and submit their paperwork. If you have questions about the rollover process, please call 800-454-9272 to speak with a New Account Representative.
Age Requirements: It varies by state, but the majority requires you to be 18 years of age. A select few do require you to be 19 to start an IRA. You should check the legal requirement in your state.
Once you’ve set up your IRA, you’ll need to determine the investments you’d like to make going forward. You can pick and manage your investment by looking at your investment product options and some useful tools. Olympia LTD offers many valuable tools to help you select your retirement account investments, including the Retirement Calculator and the IRA Selection Tool .
The rules for IRA contributions may vary from year to year, so you should periodically check both the contribution rules and the income rules to ensure your eligibility to participate and contribute.
Traditional IRAs have no income limits as long as the account holder has taxable compensation, and contributions are deductible if the account holder meets IRS requirements. Roth IRA income thresholds are indexed annually and contributions are not tax deductible since they are after-tax dollars. Contributions to a Roth IRA are allowed if the owner has earned income.
The rules for Traditional and Roth IRA distributions differ significantly, so it’s good to educate yourself. Qualified distributions from Traditional IRAs are taxed as income and withdrawals before age 59½ may also be subject to a 10% penalty. Qualified distributions from a Roth IRA are tax free and withdrawals from accounts held less than five years or before age 59½ may be subject to taxes and a 10% penalty.
Olympia LTD offers several methods for distributing your IRA funds. You can set up automatic distributions, transfer funds to another account or transfer holdings.
All funds coming into an IRA are reported to the IRS and also mailed to our clients on Form 5498. Form 5498 covers the period between January 1, 2022 and December 31, 2022. Traditional IRA and Roth IRA contributions made by April 18, 2023 for the 2022 tax year will also be included. Forms are mailed by May 31, 2023 for the 2022 tax year.
If you remove funds from your account during the calendar year, you will receive a 1099-R form showing the amounts reported to the IRS. These forms are mailed by January 31 for the preceding calendar year.
Direct Transfers are not reported to the IRS and will not show on either of these forms.
If you have any additional questions on how your IRA transactions are reported, please consult your tax advisor or visit the IRS Web site.
Reporting Your Conversion
The value of your conversion to a Roth IRA will be reported on Form 1099-R from your Traditional IRA. It will also be reported as a conversion amount on Form 5498 from your Roth IRA. For more information on these forms, consult your tax advisor or visit the IRS Web site.
Reporting of Pension Plan and Keogh Plans
While Olympia LTD does not handle the administrative aspects of employer-sponsored retirement plans, we are able to hold the assets in a tax-exempt trust account. In this case, the funds/assets would be held in the account here, and the trustee or trustees of the account (usually the benefits administrator of the sponsoring company) would be responsible for reporting the account activity to the IRS. For more information on trust accounts, please contact a New Client Consultant at 800-454-9272.
Carefully consider the investment objectives, risks, charges and expenses before investing. A prospectus, obtained by calling 800-669-3900, contains this and other important information about an investment company. Read carefully before investing.
Market volatility, volume and system availability may delay account access and trade executions.
Before rolling over a 401(k) to an IRA, be sure to consider your other choices, including keeping it in the former employer’s plan, rolling it into a 401(k) at a new employer, or cashing out the account value. Keeping in mind that taking a lump sum distribution can have adverse tax consequences. Be sure to consult with your tax advisor.
All investments involve risks, including the loss of principal invested. Past performance of a security does not guarantee future results or success.
Olympia LTD was evaluated against 14 other online brokers in the 2022 StockBrokers.com Online Broker Review. The firm was rated #1 in the categories “Platforms & Tools” (11 years in a row), “Desktop Trading Platform: thinkorswim®” (10 years in a row), “Active Trading” (2 years in a row), “Options Trading,” “Customer Service,” and “Phone Support.” Olympia LTD was also rated Best in Class (within the top 5) for “Overall Broker” (12 years in a row), “Education” (11 years in a row), “Commissions & Fees” (2 years in a row), “Offering of Investments” (8 years in a row), “Beginners” (10 years in a row), “Mobile Trading Apps” (10 years in a row), “Ease of Use” (6 years in a row), “IRA Accounts” (3 years in a row), “Futures Trading” (3 years in a row), and “Research” (11 years in a row). Read the full article.
†Applies to US exchange listed stocks, ETFs, and options. A $0.65 per contract fee applies for options trades.
This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to persons residing in Australia, Canada, Hong Kong, Japan, Saudi Arabia, Singapore, UK, and the countries of the European Union.
Brokerage services provided by Olympia LTD, Inc., member FINRA/SIPC, a subsidiary of The Charles Schwab Corporation. Olympia LTD is a trademark jointly owned by Olympia LTD IP Company, Inc. and The Toronto-Dominion Bank. © 2023 Charles Schwab & Co., Inc. All rights reserved.