Individual Retirement Accounts
Opening An Account
Opening a Traditional or Roth IRA is easy! Just fill out our Contact Form or call (Toll Free) 1-800-JANNEYS for a packet. PLEASE SPECIFY TRADITIONAL OR ROTH.
The Traditional IRA
The Traditional IRA packet contains the following: The Adoption Agreement and Appointment of Custodian for Traditional IRAs, Form 5305-A, the Disclosure Statement for Traditional IRAs, General Information for Traditional IRAs, and the Authorization to Transfer Retirement Account form. When you transfer an existing Traditional IRA to Janney LLC, the Authorization to Transfer Retirement Account must be completed and accompanied by a copy of a current statement.
The Roth IRA
The Roth IRA packet contains the following: The Adoption Agreement and Appointment of Custodian for Roth IRAs, Form 5305-RA, the Disclosure Statement for Roth IRAs, General Information for Roth IRAs, and the Authorization to Transfer Roth IRA form. When you transfer an existing Roth IRA, or convert an existing IRA at another firm to a Roth IRA at Janney LLC, the Authorization to Transfer Roth IRA form must be completed and accompanied by a copy of a current statement.
Your Janney LLC Financial Consultant and our Retirement Plans Department can help you complete these forms and will make the transfer as easy as possible.
Rollovers
Between IRAs
Money distributed from an IRA may be "rolled over" to another IRA on a tax-free basis if it is recontributed within 60 days. This may occur only once in any 12 month period per IRA, even if you only took a distribution of and rolled back a part of it. Any amount not recontributed must be included in your gross income and may be subject to a 10% penalty tax.
From Qualified Plans to IRAs
If you receive a distribution from a qualified employer sponsored retirement plan, you may defer payment of income tax if you roll over the proceeds to an IRA within 60 days after you receive it. The amount you do not roll over will generally be treated as ordinary income and may also be subject to a 10% premature distribution penalty if you are under 59 1/2 and no other exception applies. Unless your qualified plan distribution is rolled directly to an IRA, 20% Federal Income Tax is withheld (although your actual tax bill may be much higher). If you do take a distribution, have withholding occur, and, within 60 days of receipt decide you prefer to rollover, you must make up the 20% withholding, roll it over, and claim the refund at year end.
Transfers
Non-taxable, non-reportable transfers, in full or in part, can occur between two IRA trustee/custodians. to accomplish this, complete and sign our transfer form in the IRA kit.
These Transfers can be done in cash or "in-kind" (without selling anything). Reregistration of mutual funds or some types of insurance investments is also possible.
Year-End Reporting
- 1099 - You will receive this report in February. It details all of the distributions for the previous calendar year.
- 5498 - You will receive this as of each May 31 if you made any regular or rollover IRA contributions for the prior year. The fair market value as of year end is also provided to the IRS by us via this filing.
- Annual Custodian Report - The December statement represents the annual custodian report, a full evaluation of your IRA account. It is a good practice to review the statement to insure that all items are priced accurately.
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Individual Retirement Accounts 
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