IRAs

¹ Certain restrictions apply.

No annual fee for Bank of America, N.A. FDIC IRAs (CDs or money market savings accounts). No annual IRA custodial fee for self-directed accounts with Merrill Edge will be charged for the life of the account for existing and prospective clients who deposit or transfer $250 or more to a Traditional IRA, Rollover IRA, or Roth IRA. If the client falls beneath that asset level, a fee will be charged.

Fees and expenses are subject to change. Please note that other fees and expenses may apply, including early withdrawal penalties and trustee transfer fees. For Merrill Lynch, Pierce, Fenner & Smith Incorporated's standard brokerage fees, please see the Miscellaneous Fees schedule. For Bank of America N.A.'s fees, see your Personal Schedule of Fees.

² Any earnings are tax-free if you are at least 59½ or unless you qualify for an exception and the Roth IRA has been funded for at least five years from the year of conversion. There is a 10% additional tax for withdrawals of earnings taken before age 59 ½.

³ For Traditional IRAs — If you withdraw before age 59 ½ you may be subject to a 10% early withdrawal additional tax unless one of the following exceptions apply: qualified higher education expenses; qualified first home purchase (lifetime limit of $10,000); certain major medical expenses; certain long-term unemployment expenses; disability; or substantially equal periodic payments.

For a withdrawal from a Roth IRA to be federal (and, in most cases, state) income tax free, it must be considered qualified. There is a five-year holding period when determining whether earnings can be withdrawn tax-free as part of a qualified distribution from a Roth IRA. This period begins January 1 of the tax year of the first contribution or the year of conversion to any Roth IRA. The distribution must be made after the five-year holding period, and the individual must have reached age 59 ½, be deceased, disabled or use the funds for a first-time home purchase (lifetime limit of $10,000). There is a 10% additional federal income tax for non-qualified withdrawals of earnings taken before age 59 ½, unless one of the following exceptions apply: qualified higher education expenses; qualified first home purchase (lifetime limit of $10,000); certain major medical expenses; certain long-term unemployment expenses; disability; or substantially equal periodic payments. A special provision applies for converted assets. If a non-qualified withdrawal is made within five years of the conversion, the earnings withdrawn will be subject to income tax, and the entire withdrawal may be subject to an additional 10% federal income tax unless an exception applies.

Neither Merrill Lynch, Pierce, Fenner & Smith Incorporated nor any of its subsidiaries are tax or legal advisors. We suggest you consult your personal tax or legal advisor before making tax or legal-related investment decisions.