Merrill A Bank of America Company Merrill A Bank of America Company

Roth IRA

Q: What are the contribution limits?

Contributions must be made prior to each year's tax return deadline for the corresponding year - typically April 15th. For each year during which you are age 50 or older, you can make an additional catch up contribution. Be aware of the potential penalties if you exceed your IRA contribution limits .

Q: What investment choices will I have?

At Merrill, you'll have access to a full range of investment choices. Select from a wide array of stocks, bonds, options, ETFs, well-known mutual funds and managed portfolios. You may also consider investing in a Money Market IRA or Featured CD IRA offered through Bank of America, N.A.

Q: Are there any fees associated with a Roth IRA?

Your Merrill Edge Self-Directed Roth IRA has unlimited $0 online stock, ETF and option trades with no trade or balance minimums. Options contract and other fees may apply. See pricing for details .

Q: How can I convert to a Roth IRA?

To convert to a Roth IRA, call us at 888.637.3343 for assistance, and we'll guide you every step of the way. We can help you understand your choices to convert any type of retirement account. For a Traditional IRA at Bank of America or Merrill, we will help you open a Roth IRA and fill out the conversion form. Here's what you'll need to convert to a Roth IRA. Social Security number and date of birth A valid mailing and email address Employment information, including company name, address and start date General financial information, such as annual income and household net worth Names and dates of birth for any beneficiaries

Let your earnings grow tax-free with a Roth IRAFootnote ¹

Open an account with Merrill

With a Roth IRA, you could potentially avoid paying income tax on qualified withdrawals, plus there are no mandatory withdrawals.Footnote ¹

Roth IRA Account Benefits

Contribute using your after-tax dollars

Enjoy potentially tax-free growth for your assetsFootnote ¹

Make withdrawals without paying income tax

Invest in stocks, mutual funds, ETFs and more

Question:

What is my contribution limit for a Roth IRA?

Answer:

You may be eligible to contribute up to $7,000 per year ($8,000 if you are 50 or older).Footnote ²

Interested in a Roth IRA conversion?

You may be able to convert your account to a Roth IRA and potentially have your assets grow tax-free plus make flexible withdrawals without paying income taxes.Footnote ³

Because income restrictions for IRA conversions have been lifted indefinitely, anyone is eligible to convert to a Roth IRA. Use our online calculator to find out if a conversion is right for you.

If you're ready to get started, call us at 888.637.3343.

Accounts eligible for a roth ira conversion

Traditional IRA
SEP IRA
SIMPLE IRA
Other tax-qualified retirement plans such as 401(k)s, 403(b)s and 457(b)s

Which retirement account is right for you?

Compare the features of retirement accounts available at Merrill, find out which ones you're eligible for and learn about details like contribution limits and potential tax advantages.

Select to Try our Retirement Account selector tool

What's a key difference between a Roth IRA and a traditional IRA?

With a Roth IRA, you always contribute after-tax dollars and make potentially tax-free withdrawals in retirement. With a traditional IRA, your contributions may be tax deductible. Taxes are deferred until you make withdrawals.

Learn more about all IRAs available at Merrill

See what else your Merrill account has to offer

Get started with Merrill Guided Investing and pay $0 in program fees for 6 months.

View offer terms popup

Open an account at Merrill

Must use offer code: 6FREE

Discover your investment choices

Find the investments that work for your portfolio, whether you're interested in trading stocks, ETFs, mutual funds or fixed income investments.

Learn more about Stocks Learn more about Mutual Funds Learn more about ETFs Learn more about Fixed Income

Merrill offers transparent pricing for trades, account services and investment advisory programs.
Learn more about pricing at Merrill

Ready to get started?

Open an account with Merrill

or call us at 888.637.3343

Frequently Asked Questions

Expand all

What are the advantages of a Roth IRA?

Contributions are subject to regular federal and state income taxes.
Earnings are tax-free if withdrawn after age 59½ and your account has been open for at least five years. This is true for both federal and in most cases state income taxes.Footnote ¹
Contributions (not earnings) can be withdrawn tax-free at any time. And there is no required minimum distribution if you are the original account owner.

Am I eligible for a Roth IRA?

Anyone can open and contribute to a Roth IRA as long as your modified adjusted gross income (your AGI after deductions) Roth IRA eligibility meets federal guidelines (PDF).
If you contribute to an employer-sponsored plan like a 401(k) or 403(b), you are still eligible to open a Roth IRA as long as you meet the eligibility requirements above.
If you have no earned income but your spouse earns enough income to cover your contribution as well as their own, and their income (AGI) does not exceed the limits above, you can contribute to a Roth IRA account.
There's no limit to the number of individual retirement accounts (IRAs) you can own.

What are the contribution limits?

What investment choices will I have?

Are there any fees associated with a Roth IRA?

How can I convert to a Roth IRA?

To convert to a Roth IRA, call us at 888.637.3343 for assistance, and we'll guide you every step of the way. We can help you understand your choices.Footnote ³

For a Traditional IRA at Bank of America or Merrill, we will help you open a Roth IRA and fill out the conversion form. Here's what you'll need to convert to a Roth IRA.

Social Security number and date of birth
A valid mailing and email address
Employment information, including company name, address and start date
General financial information, such as annual income and household net worth
Names and dates of birth for any beneficiaries

Footnote asterisk

Other fees may apply. Free and $0 means there is no commission charged for these trades. $0 option trades are subject to a $0.65 per-contract fee. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs. To learn more about Merrill pricing, visit our Pricing page.

Footnote ¹ There is a single, 5-year holding period when determining whether earnings can be withdrawn federal (and, in most cases, state) income tax-free as part of a qualified distribution from a Roth IRA. This period begins January 1 of the year of the first contribution to any Roth IRA account.

Footnote

Contribution and compensation limits are subject to a cost-of-living adjustment annually pursuant to the Internal Revenue Code. Contribution and compensation limits for subsequent years may vary.

Footnote

You have choices about what to do with your employer-sponsored retirement plan accounts. Depending on your financial circumstances, needs and goals, you may choose to roll over to an IRA or convert to a Roth IRA, roll over an employer-sponsored plan from your old job to your new employer, take a distribution, or leave the account where it is. Each choice may offer different investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment (particularly with reference to employer stock), and different types of protection from creditors and legal judgments. These are complex choices and should be considered with care. For more information visit our rollover page or call Merrill at 888.637.3343.

MAP5865887-08082024

Connect with us:

Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:

Are Not FDIC Insured	Are Not Bank Guaranteed	May Lose Value
Are Not Deposits	Are Not Insured by Any Federal Government Agency	Are Not a Condition to Any Banking Service or Activity

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary (PDF).

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member Securities Investor Protection (SIPC) popup and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").

Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Privacy | Security | Glossary | Advertising practices popup Advertising Practices popup

© 2024 Bank of America Corporation. All rights reserved.

4326521

I'd Like to

Discover Merrill

Contact Us

888.637.3343

Connect with us:

Unlimited $0 Trades

With Merrill Edge Self‑Directed, get unlimited free online stock, ETF and option trades with no trade or balance minimumsFooter footnote ^b

Options contracts and other fees may applyFooter footnote ^a

Open an account with Merrill Edge Self-Directed

Footer footnote
Other fees may apply. Free and $0 means there is no commission charged for these trades. $0 option trades are subject to a $0.65 per-contract fee. Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal. There are costs associated with owning ETFs. To learn more about Merrill pricing, visit our Pricing page.
Footer footnote

Merrill waives its commissions for all online stock, ETF and option trades placed in a Merrill Edge^® Self-Directed brokerage account. Brokerage fees associated with, but not limited to, margin transactions, special stock registration/gifting, account transfer and processing and termination apply. $0 option trades are subject to a $0.65 per-contract fee. Other fees and restrictions may apply. Pricing is subject to change without advance notice.

For broker-assisted trades through Merrill Edge, you will be charged a fee equal to the lower of $29.95 or 5.00% of the principal amount of the transaction. Further, there are indirect fees, such as annual management and other similar fees, that are charged by the manager or sponsor of an exchange-traded fund and of a closed-end fund, as disclosed in the product's prospectus.

Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

Are Not Deposits

Are Not Insured by Any Federal Government Agency

Are Not a Condition to Any Banking Service or Activity

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.

The performance data contained herein represents past performance which does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance information current to the most recent month end, please contact us.

Net Asset Value (NAV) returns are based on the prior-day closing NAV value at 4 p.m. ET. NAV returns assume the reinvestment of all dividend and capital gain distributions at NAV when paid.

Market price returns are based on the prior-day closing market price, which is the average of the midpoint bid-ask prices at 4 p.m. ET. Market price returns do not represent the returns an investor would receive if shares were traded at other times.

Returns include fees and applicable loads. Since Inception returns are provided for funds with less than 10 years of history and are as of the fund's inception date. 10 year returns are provided for funds with greater than 10 years of history.

Before investing consider carefully the investment objectives, risks, and charges and expenses of the fund, including management fees, other expenses and special risks. This and other information may be found in each fund's prospectus or summary prospectus, if available. Always read the prospectus or summary prospectus carefully before you invest or send money. Prospectuses can be obtained by contacting us.

Expense Ratio – Gross Expense Ratio is the total annual operating expense (before waivers or reimbursements) from the fund's most recent prospectus. You should also review the fund's detailed annual fund operating expenses which are provided in the fund's prospectus.