How do I open my first IRA?

If this is your first IRA with us, you can fill out and submit the application found within the Retirement Central portal. Please include all contribution information for faster processing.

How do I open an additional product if I already have an IRA?

You can add additional products to your existing IRA plan by completing and submitting a Contribution form located under Manage My Account in the Retirement Central portal.

How do I make additional Contributions to my IRA?

You can contribute (deposit) into your existing IRA by filling out and submitting a Contribution form located under Manage My Account in the Retirement Central portal.

How do I request a Distribution from my IRA?

You can request a distribution (withdrawal) from your IRA by filling out and submitting a withdrawal authorization located under Manage My Account in our Retirement Central portal. Withdrawals may be subject to early withdrawal penalties and taxes.^**

Designating IRA Beneficiaries.

Although, you are not required by law to name beneficiaries for your IRA, you risk having your IRA assets paid to unintended recipients if you do not name beneficiaries for your IRA. Learn more about Beneficiary Designations.

How do I add or change the Beneficiary(ies) on my IRA?

You can add or change your beneficiaries by completing and submitting a Beneficiary Designation form election form located under Manage My Account in the Retirement Central portal. You may also visit a branch to have updates completed.

When will I receive my 1099-R tax Form

Members receive a 1099-R in January for all withdrawals made in the previous year. The form 1099-R is needed to file your taxes. The form will be sent to you based on your preference for receiving tax documents, either via mail or via your online banking.

When will I receive my 5498 tax Form?

Members receive a form 5498 in May for all contributions made in the previous year. Please note you have up to TAX DAY of current year to make contributions for previous year. The form will be sent to you based on your preference for receiving tax documents, either via mail or via your online banking.

I am the beneficiary of a deceased IRA owner, what are my distribution options?

There are multiple options for IRA beneficiaries. See our Inherited IRA Handling section for more information.

When evaluating your retirement accounts, be sure to look at where they are invested. If you have numerous accounts at various financial institutions, it can make managing your savings more difficult. By consolidating your accounts (specifically IRAs) into one account, you can reduce any investment fees and maximize your returns. Transfers and rollovers are the two best methods for consolidating your IRAs.Evaluate your personal circumstances to decide which route is best for your needs.

IRA Transfers
An IRA transfer refers to the movement of funds between the same types of accounts with no distribution to you. For example, you could move money from Apple FCU IRA certificate to your IRA share. To complete a transfer, submit a request via Manage My Account through Retirement Central portal.

Direct Transfer
Generally, a Direct Transfer is the easiest way to move assets from one IRA to an Apple FCU IRA. The transaction is neither taxable nor reportable to the IRS and is completed by the distributing and receiving financial organizations.

To initiate, Apple FCU will work with you to generate and forward the required forms to the financial institution currently holding your IRA. Upon receipt of your completed forms, the existing institution will send a Check for your requested funds for deposit into your IRA account here.

You may also contact the institution currently holding your IRA and request a direct transfer.

Rollovers
An IRA rollover is the movement of funds between any type of retirement account into an IRA and can be done either directly or indirectly. Regardless of the number of IRAs you own, you are only permitted to roll over one distribution from an IRA (Traditional, Roth or SIMPLE) in any 12-month period. A second IRA-to-IRA rollover in a single year could result in income tax becoming due on the rollover, a 10% early withdrawal penalty and a 6% per year excess contributions tax as long as that rollover remains in the IRA.

Direct Rollover
Consider a Direct Rollover if you leave a job in which you participated in an Employer Pension or Profit-Sharing Program, like a 401(k) or Thrift Savings Plan (TSP), and want to move your funds into an Apple FCU IRA.

Speak to your company's Plan Administrator to complete the necessary forms. Once completed, the administrator will distribute the assets to your IRA. This transaction is reportable as a distribution and will be reported as a rollover.

By rolling over your retirement savings from an employer-sponsored retirement plan directly to an IRA, you'll avoid mandatory 20% income tax withholding and any IRS early distribution penalty tax, although investment surrender fees may still apply. Rollovers to IRAs also allow you to retain the tax-sheltered status of your retirement savings while maintaining complete control over your investment selection and account access.

Indirect Rollover
An Indirect Rollover is a tax-free distribution of all or part of your IRA assets. Since you take possession of the IRA assets, the movement is reportable to the IRS.

You may move your funds from one retirement plan to another or from one financial institution to another. You may make only one rollover of the same assets to another financial institution during a 12-month period. You have 60 days from the date you receive the distribution to make the rollover yourself.

Settling an estate can seem overwhelming. That is why Apple FCU makes it as easy as possible by providing you with a list of necessary steps. Please review these steps and the FAQs (at your convenience.)

Gather your documents:

• Copy of death certificate
• Copy of your unexpired Photo ID
• Additional documentation needed

Spouse Beneficiary

• Completed Beneficiary Required Election and IRA Application if moving it to an IRA or Inherited IRA Account with Apple FCU
• A signed and dated Transfer Form from another Financial Institution if transferring the funds to an IRA or Inherited IRA Account at another Financial Institution
• A completed Beneficiary Required Election and Withdrawal Authorization if taking a lump sum distribution

Non-Spouse Beneficiary

• Completed Beneficiary Required Election and Inherited IRA Application if opening an Inherited IRA Plan/Account with Apple FCU
• A signed and dated Transfer Form from another Financial Institution if transferring the funds to an IRA or Inherited IRA Account at another Financial Institution
• A completed Beneficiary Required Election and Withdrawal Authorization if taking a lump sum distribution

Estates

• Certificate of qualification / letters of Testamentary or Small Estate Affidavit
• Form W-9 executed by an estate representative with the estate's Employer Identification Number (EIN)
• For a Small Estate Affidavit, the person receiving the funds must provide a Form W-9
• A signed and dated Transfer Form from another Financial Institution if transferring the funds to an IRA or Inherited IRA Account at another Financial Institution
• A completed Beneficiary Required Election and Withdrawal Authorization if taking a lump sum distribution

Trusts

• Form W-9 including Trust Tax ID Number
• A signed and dated Transfer Form from another Financial Institution if transferring the funds to an IRA or Inherited IRA Account at another Financial Institution
• A completed Beneficiary Required Election and Withdrawal Authorization if taking a lump sum distribution

Send us your documents:

You can also send your documents via one of the following ways:

• Email deposits@applefcu.org
• Mail documents to: Apple FCU, P.O. Box 1200, Fairfax, VA 22038, Attn: IRA Specialist (If you use an overnight delivery service, send to 4097 Monument Corner Dr, Fairfax, VA 22030)
• Fax: 703-225-1199, Attn: IRA Specialist

Once you've sent us your documents, Apple FCU will begin processing them within 3 business days and contact you to discuss next steps.

Frequently Asked Questions

Why does Apple FCU need the death certificate?
We need the death certificate to confirm that our member is deceased and the deceased member's state of residence.

Can I send a copy of the death certificate?
Yes, Apple FCU will accept a legible copy.

Will Apple FCU request any additional information?
Under certain circumstances, we may require additional documents. However, if we have additional questions, we'll work directly with you.

How do I open an Inherited IRA with Apple FCU?
Please visit a branch location or contact our Member Solutions Team at 703-788-4800.

Can I combine multiple assets for IRA that I inherit?
IRA Assets for the same decedent can be combined in one inherited IRA. Assets for different decedents may not be combined.

When the beneficiary type is an Estate, who receives the funds?
If an Estate goes through Probate, the Estate representative would receive the funds made payable to the Estate. If a Small Estate Affidavit is presented, funds would be paid out as directed in the Small Estate Affidavit.

For questions, please contact our Member Solutions Center at 703-788-4800.