Video intro plays.
Narrator: Want to convert your Traditional IRA to a Roth IRA? First, we recommend consulting with a tax advisor to ensure you understand potential tax and distribution implications. Then, you'll need to open a Roth IRA account, if you haven't already done so. Select Accounts and choose Open an Account. Scroll down to the Retirement section, select Roth IRA, and follow the instructions to open the account.
Accounts, then Open an Account is selected. Roth IRA is selected and the online form to open the account appears.
Narrator: Once your Roth IRA account is established, select Move Money, then select Online Transfers.
Move Money, then Online Transfers is selected.
Narrator: Select the From dropdown and choose your Traditional IRA account. Then select the To dropdown and select your Roth IRA account.
An IRA is selected in the From dropdown menu, then a Roth IRA account is selected in the To dropdown menu.
Narrator: A popup will appear with a disclosure to review. Select the link to proceed with the Roth conversion request.
A popup with a disclosure appears, then a link in the popup is selected.
Narrator: Select your IRA and Roth IRA accounts in the From and To boxes. Make sure you are transferring funds into the Roth IRA account.
An IRA is selected in the From dropdown menu, then a Roth IRA account is selected in the To dropdown menu.
Narrator: Under Conversion Type, select Full Conversion or Partial Conversion, depending on your preference.
Partial Conversion is selected under Conversion Type.
Narrator: The positions and cash available in the Traditional IRA will appear. Enter the cash amount you would like to transfer to the Roth IRA and carefully note the total value of the conversion for tax purposes. Select Continue to proceed.
A cash value for the conversion is entered, then Continue is selected.
Narrator: Carefully review the disclosures, then choose your Tax Withholding Elections. Select Continue to proceed.
Tax Withholding Elections are selected, then Continue is clicked.
Narrator: Review the details of the transfer, then check the box to provide your digital signature. When ready, select Submit to submit the conversion. Depending on your jurisdiction, additional steps and forms may be required.
A box is selected to provide a digital signature, then Submit is selected.
Video outro plays