What's involved in opening an H&R Block Easy IRA?
Opening an H&R Block Easy IRA with TaxCut is convenient, fast and easy. All you do is:
Decide which kind of IRA to open: Roth or traditional. We'll tell you which you're eligible for and explain the advantages and disadvantages of each.
Decide how much to contribute.
Designate a beneficiary or beneficiaries.
Complete your federal tax return and your state return, if you're preparing a state tax return using one of our state tax programs.
Arrange to fund the IRA using your federal refund and/or an automatic bank withdrawal.
Review and accept the Money Market Account Agreement, Retirement Account Terms and Conditions, and (if you have a refund of $300 or more) the H&R Block Bank Refund Processing Transfer Application.
Transmit your H&R Block Easy IRA application over the Internet to H&R Block Bank.
Wrap up a few details related to electronic filing, and file your return electronically.
That's all there is to it.
How will my IRA money be invested?
When you open an H&R Block Easy IRA account with H&R Block, your money will be automatically invested into an interest-bearing FDIC-insured money market account at H&R Block Bank, with up to $250,000 of FDIC insurance. If you have questions about FDIC coverage, you may call FDIC Consumer Affairs at 1-877-275-3342.
Interest Rate: Each account will be paid a rate of interest, which may fluctuate daily depending on market conditions. Call 1-888-687-4722 for the current prevailing rate. Interest accrues from date of deposit to the last full day before withdrawal and is compounded daily and credited monthly.
Deposits: The minimum initial IRA deposit is $300 with no minimum for subsequent deposits.
Withdrawals: You may make withdrawals at any time, in any amount. Withdrawals may be subject to tax and/or a 10% penalty tax for early withdrawal.
Statements: Statements will be mailed quarterly.
Other terms: H&R Block Bank may, without notice, refuse any deposit or close any account if an account owner's actions become burdensome. Your deposit will be in book entry format; therefore, you will not receive a passbook or certificate.
H&R Block Bank is a Federal Savings Bank and Member FDIC. H&R Block, Inc. and H&R Block Digital Tax Solutions, Inc. are not registered broker/dealers or registered investment advisors.
How much does it cost to open an H&R Block Easy IRA?
Opening an H&R Block Easy IRA is free.
Is there a minimum amount I need to contribute?
You need to contribute at least $300 to open an H&R Block Easy IRA.
If you are married filing a joint return and both of you are opening an IRA, each of you needs to contribute at least $300, for a total minimum of $600.
Can I open an H&R Block Easy IRA if I don't e-file?
No, you cannot open an H&R Block Easy IRA without e-filing. However, you can always open a conventional IRA with H&R Block Bank. For more information, call the Customer Service Center at 1-888-687-4722 or visit the H&R Block web site.
H&R Block Bank is a Federal Savings Bank and Member FDIC. H&R Block, Inc. and H&R Block Digital Tax Solutions, Inc. are not registered broker/dealers or registered investment advisors.
You can always open a conventional IRA with H&R Block Bank. For more information, call the Customer Service Center at 1-888-687-4722 or visit the Web site at the H&R Block web site.
Can I open an H&R Block Easy IRA if I owe a tax payment?
Yes, you can. You can arrange to make your IRA contribution by having funds withdrawn automatically from your bank account. We'll help you with that when you're ready to file your return.
What's the deadline for opening an H&R Block Easy IRA account?
You must open your Easy IRA and file your return electronically before midnight March 31, 2008.
You can contribute to an existing IRA (one that you opened in a prior year) by mailing a check to HRBFA. The address where you mail the check is listed below:
H&R Block Customer Service
P.O. Box 44215
Jacksonville, FL 32232-4215