To help you meet the unique needs of your clients, Wells Fargo Advantage Funds® provides a wide range of Individual Retirement Account (IRA) products. Whatever your client base, IRAs can help move your practice to the next stage.
Tax-deferred retirement account for individuals. All or part of the owner’s contribution may be deductible from current taxes, depending on the individual's income and coverage by an employer-sponsored qualified retirement plan (for example, a 401(k) plan). Withdrawals are taxed as ordinary income.
Help clients keep their retirement assets working. Clients can use assets distributed from another tax-advantaged retirement plan, such as a 401(k) plan or a 403(b) plan, to establish a Wells Fargo Advantage Funds Traditional IRA.
An alternative to a traditional IRA. Withdrawals are tax-free if the account has been open for at least five years and the owner is at least 59½ when withdrawals begin. Contributions to a Roth IRA are not tax-deductible.
Education Savings Account
A savings plan to pay for a child's education. Education Savings Accounts, also called Coverdell Accounts, allow for tax-favored savings to help pay a child's public or private schooling costs at any level. Earnings and withdrawals used for eligible education expenses are federal tax-free, but clients cannot deduct the contributions from their income taxes.
Simplified Employee Pension IRA. Tax-deferred retirement plan for small businesses and the self-employed. Employers make contributions for the employee’s benefit and for themselves, if self-employed. Contributions are tax-deductible as a business expense. Up to 25% of an employee's pretax gross wages may be contributed.
Savings Incentive Match Plan for Employees. A retirement plan specifically designed for employees of smaller businesses (100 or fewer employees) and self-employed persons to make contributions to an IRA. Employer makes a tax-deductible contribution, and employees may defer a percentage of their pretax compensation into the SIMPLE IRA.