Roth IRAs

There are many ways you can open Roth IRA accounts. Below are some common ways to open Roth IRA accounts.

Where can I open a Roth IRA?

You can open a Roth IRA with any institutions that has received IRS approval to offer IRA accounts, including Roth IRAs. These institutions are called the custodians of the IRA accounts. Examples of where you can open a Roth IRA are banks, brokerage companies, and federally insured credit unions. You can either :

• walk into these institution offices and open a Roth IRA,
• call one of the institutions offering Roth IRAs and open a Roth IRA over the phone,
• mail in your application form to open a Roth IRA, or
• open a Roth IRA online

When can I open a Roth IRA account?

A Roth IRA can be opened at anytime. However, Roth IRA Contributions for a tax year must be made by the Roth IRA owner’s tax-filing deadline, which is generally Apr 15 of the following year. Tax-filing extensions do not apply for the opening and funding of Roth IRA accounts.

What documents are provided when someone opens a Roth IRA account?

There are two basic documents that must be provided to a Roth IRA owner when he or she opens a Roth IRA account:

• the IRA disclosure statement
• the IRA adoption agreement and plan document

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