Frequently Asked Questions
Please select a topic from the list on the left. You will then be able to choose a specific question from the list of the most common and important questions our shareholders ask. If you ever need more information, or can't find the question or topic you want to explore, please call our Shareholder Services Representatives at 800-422-1050, Monday through Friday, between 8:00 a.m. and 6:00 p.m. Eastern time.
The deadlines for filing your 2019 federal income tax return and/or for making a 2019 IRA contribution have been extended from April 15th, 2020 to July 15th, 2020. Please note that for tax filings, the extension only applies to your federal income tax return, not state tax filings or payments. State-level filing deadlines vary; the IRS has urged taxpayers to check with their state tax agencies for further details.
Yes. The CARES Act provides that individuals, including beneficiaries, are not required to take RMDs from their Traditional and SIMPLE IRAs, or inherited IRAs in 2020. In addition, a beneficiary of inherited IRA assets, who has elected to take a distribution from the IRA by December 31 of the fifth year following the year of the original IRA owner’s death, is not required to count 2020 in the calculation of the five-year period.
You can roll those funds back into your retirement account. The 60-day rollover period for any RMDs already taken this year has been extended to August 31, 2020, to give taxpayers time to take advantage of this opportunity. Please send us a check with the amount of the RMD and a letter detailing the transaction and its intention, or call us at 800-422-1050 to perform the transaction over the phone.
In addition to the rollover opportunity, an IRA owner or beneficiary who has already received a distribution from an IRA of an amount that would have been an RMD in 2020 can repay the distribution to the IRA by August 31, 2020. This repayment is not subject to the one rollover per 12-month period limitation and the restriction on rollovers for inherited IRAs.
The CARES Act temporarily waives the 10% penalty on early withdrawals (for those younger than 59½) from an IRA or other eligible retirement plan for COVID-19-related reasons. If you experienced adverse financial consequences due to having your work hours reduced, being laid off or furloughed, being unable to work due to child care obligations, or being impacted by the virus itself (you, your spouse, or your dependent was diagnosed with the coronavirus), you are eligible. Additional reasons may apply, as provided in guidance issued by the IRS.
Only during 2020, you may withdraw a maximum of $100,000 from your IRA or other eligible retirement account(s) without paying the usual 10% early withdrawal tax penalty. The federal income taxes on such withdrawals will be eliminated if the money is repaid within three years. If you already paid the income taxes, you may receive a refund of the previously paid taxes.
If you made a prior year contribution between January 1st and May 15th, 2020, you will receive your Form 5498 by the end of May. If you made a prior year contribution between May 16th and July 15th, 2020, you will receive your tax form by early August.
Investing involves risk and the potential loss of capital.
Investors should carefully consider the investment objectives, risks, charges and expenses of a fund before investing. To obtain a summary prospectus or prospectus for this and other information, click here or call 800-422-1050. Read it carefully before investing.