Managing Your OnePay IRA
Share
In this article
Share
In this article
How can I see how much I've contributed to my IRA this year?#
You can view your IRA contributions directly in the OnePay app.
To check your contributions:
Open the OnePay app
Tap your IRA under Your Investments
View your contribution tracker under My contributions
The tracker shows contributions made within OnePay for the selected tax year.
Are there contribution limits for IRAs?#
Yes. The IRS sets annual contribution limits for IRAs. Limits may vary based on your age.
When you contribute through OnePay, you'll be able to track:
Your total IRA contributions within OnePay
Your progress toward the annual contribution limit
If you reach the annual limit for your IRA within OnePay, you won't be able to contribute more in the app.
Keep in mind, this tracker only reflects contributions made in OnePay. You're responsible for ensuring your total contributions across all IRA accounts, including those outside OnePay, stay within IRS limits.
How do I withdraw funds from my IRA?#
Depending on your situation, early withdrawals may be subject to taxes, penalties, or loss of tax advantages. OnePay does not provide tax advice, and you may want to speak with a qualified tax advisor before taking a distribution.
To withdraw funds from your IRA, you may need to first sell investments so the proceeds are available as cash for withdrawal. Once cash is available for withdrawal, you can initiate a withdrawal of the funds back to your OnePay deposit account or a linked bank account via the OnePay app. This typically takes 5 business days. You won't be able to use funds that are still settling.
To withdraw funds:
Open the OnePay app
Tap your IRA under Your Investments
Go to Settings
Select Withdraw from IRA
Follow the on-screen prompts
You will also be able to specify state and federal tax withholdings on the withdrawal.
Are taxes withheld when I withdraw from my IRA?#
When you request a withdrawal, you can choose how much tax to withhold.
The amount you choose will be deducted from your withdrawal, so the amount you receive in your bank account will be lower.
For state taxes, the options available may depend on where you live. In some cases, a minimum amount may be required, or withholding may not be available. The app will show the options that apply to you.
OnePay does not provide tax advice, so you may want to speak with a qualified tax advisor if you have questions.
Can I make an IRA contribution for the previous tax year?#
You may be able to contribute to your IRA for the previous tax year between January 1 and the IRS tax filing deadline (typically April 15) each calendar year.
When eligible, you can select the applicable contribution year when making a contribution into your OnePay IRA.
Can I transfer an existing IRA into my OnePay IRA?#
In-kind transfers (also known as ACATS) into a OnePay IRA are not supported at this time.
You may be able to transfer funds by requesting a distribution from your existing IRA provider and following the rollover instructions in the OnePay app.
Be sure to review the instructions in the app for the correct details before starting the transfer.
How can I roll over a 401(k) into my OnePay IRA?#
You may be able to roll over funds from a former employer's 401(k) into your OnePay IRA by following the instructions in the app.
To get started:
Open the OnePay app
Tap your IRA under Your Investments
Go to Settings
Select 401(k) rollover
Follow the on-screen instructions
The app will provide the details needed to complete the rollover, including:
How the check should be made payable
The mailing address
Your IRA account number
You'll need to contact your 401(k) provider to initiate the rollover and send the funds based on these instructions.
If the check is made out to you, additional endorsement steps may be required. Be sure to follow the instructions shown in the app to avoid delays.
Timing requirements may apply, and delays could have tax implications. OnePay does not provide tax advice, so you may want to speak with a qualified tax advisor if you have questions about your situation.
What should I know before withdrawing from my IRA?#
Withdrawing from an IRA may have tax implications depending on your account type and situation.
Traditional IRA: Withdrawals are generally taxed as income.
Roth IRA: Withdrawals may be tax-free if certain conditions are met.
If you withdraw before age 59½, you may also have to pay a 10% early withdrawal penalty, unless an exception applies. In some cases, the IRS allows exceptions, such as certain education, medical, or first-time home expenses.
When requesting a withdrawal, you can choose how much tax to withhold. If you’re unsure what to select, you may want to speak with a qualified tax advisor.
Once a withdrawal is underway, the amount and any tax withholding selections can’t be changed.
Tax treatment and eligibility for exceptions depend on your individual situation. OnePay does not provide tax advice.
What is dividend reinvestment?#
A Dividend Reinvestment Plan (also called DRIP) is an option that automatically uses the cash dividends you earn from eligible stocks or ETFs to buy more of that same investment. Instead of receiving dividend payments as cash, those funds are used to purchase additional shares or fractional shares.
Changes to the dividend reinvestment settings are processed after the market close. It could take up to 24 hours for dividend reinvestment to be enabled or disabled on your Invest or IRA account.
How does dividend reinvestment work with OnePay investment accounts?#
If you opt in to dividend reinvestment, any eligible dividends from holdings will automatically be reinvested into those same securities. You don’t need to take any extra steps each time a dividend is paid.
Reinvested dividends appear in your transaction history as additional share purchases.
If you don’t opt in, dividends will continue to be paid out as cash.
To turn on or off your dividend reinvestments
Open the OnePay app
Select your investment account under Your Investments
Select the Settings icon in the upper-right corner
Tap Dividend reinvestment
Toggle the setting on or off
Once turned on, dividend reinvestment applies to all eligible investments in that account. You can turn it off anytime.
How do I enroll or unenroll in stock lending?#
With OnePay investment accounts, you have the option to enroll in stock lending if you are eligible.
To enroll or unenroll in Stock Lending:
Open the OnePay app
Select your investment account under Your investments
Select the Settings icon in the upper-right corner
Select Stock lending
Toggle the stock lending button
Click here to learn more about stock lending with investment accounts in the OnePay app.
When will I receive my tax forms?#
Your year-end tax forms for IRAs will be available in the OnePay app by the end of February.
To view your tax forms:
Open the OnePay app
Select Profile, then tap Statements & Documents
Select Tax Documents, then select IRA