How does the Fidelity Retirement Rewards American Express Card work if I elect to deposit my Rewards in a tax-advantaged Fidelity IRA or a Fidelity 529 account?
Here are some things to keep in mind if you want to deposit your Fidelity Rewards into these accounts: • All Fidelity IRA and 529 plan contributions resulting from the card will be considered current-year contributions. • To the extent that you are not able to make an IRA contribution or have already made your maximum IRA contribution for the year, any additional contributions can subject you to IRS excise taxes. It is your responsibility to ensure that any deposits to your Fidelity account are eligible contributions and do not violate the terms of your Fidelity accounts, applicable IRS contribution rules or limitations or other applicable laws or regulations. Consult your tax advisor concerning tax consequences. • All contributions to 529 college savings plan accounts are subject to specific maximum contribution limits. • Prior to accepting the transfer of points from FIA Card Services, N.A. Fidelity will check to verify whether you have reached your maximum contribution amount with F
Related Questions
- How does the Fidelity Retirement Rewards American Express Card work if I elect to deposit my Rewards in a tax-advantaged Fidelity IRA or a Fidelity 529 account?
- Can a Cardmember transfer Membership Rewards points from one American Express Card to another?
- Why is GST applied to Membership Rewards program fees but not American Express Card fees?