Setting up a Fidelity Inherited IRA & Automatic RMD Withdrawals - online or by mail?

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ComputerHelp69
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Joined: Tue Oct 10, 2017 7:14 pm

Setting up a Fidelity Inherited IRA & Automatic RMD Withdrawals - online or by mail?

Post by ComputerHelp69 » Tue Sep 10, 2019 12:09 pm

I have two questions about opening a Fidelity Inherited IRA account and setting up automatic RMD withdrawals online, rather than doing it by mail.

1) If I open an Inherited IRA online and set up Automatic Withdrawals online, how do I upload required documents, such as a death certificate, driver's license and bank statement? Or do those still need to be mailed in?

2) Do I get an account number right away if I sign up for the account online? Or do I still have to wait for an account number and approval by mail anyways?

Thank you for your time.

dbr
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Re: Setting up a Fidelity Inherited IRA & Automatic RMD Withdrawals - online or by mail?

Post by dbr » Tue Sep 10, 2019 12:19 pm

I am pretty sure once the account is in place automatic withdrawals can be set up online, unless there is something peculiar about an inherited IRA.

It sounds like the IRA is not even in place yet. Where is it now?

It might be a good idea to call Fidelity and have them walk you through whatever is required. They do have good customer service. In many cases when documents are required you can upload electronic copies.

ladycat
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Re: Setting up a Fidelity Inherited IRA & Automatic RMD Withdrawals - online or by mail?

Post by ladycat » Tue Sep 10, 2019 12:58 pm

I have inherited accounts at Fidelity. The original accounts were at Fido, so getting them set up was easy. Their online RMD process is straightforward and easy.
Their inheritor services people would be a good place to start with questions.
https://www.fidelity.com/life-events/in ... he-process There's a dedicated phone number on that page.

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LilyFleur
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Re: Setting up a Fidelity Inherited IRA & Automatic RMD Withdrawals - online or by mail?

Post by LilyFleur » Tue Sep 10, 2019 3:07 pm

I am not sure if any institution will open an Inherited IRA online. When I opened an inherited IRA, I found the paperwork confusing and went in person and my Schwab advisor helped me. I could have mailed in the paperwork. They will need to see a death certificate (I think that's why you cannot open it online.) You will also need a recent statement from the original IRA that you are inheriting.

I called Schwab's 24/7 customer service to help me set up the RMDs. They are set up online but I wanted to make sure I was doing it correctly. I do some of my best thinking after 9 pm, and there is always an intelligent person who communicates well on the line at Schwab. I used my RMD this year mainly to pay for part of my income tax bill for the year, and there was a lot of flexibility around doing that. I was also able to schedule it many months in advance, as I wanted to keep earning and take the RMD out later in the year.

HomeStretch
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Re: Setting up a Fidelity Inherited IRA & Automatic RMD Withdrawals - online or by mail?

Post by HomeStretch » Tue Sep 10, 2019 3:19 pm

Another option is going into a Fidelity office, if nearby.

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