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We value your privacy. We may collect personal information from you such as identifying information (name, address, driver's license number), transactional information (products or services purchased and payment history), digital network activity (interactions with our website, IP address), geo-location data, audio recordings and other forms of personal information. We use this information for business, marketing and commercial purposes, including but not limited to, providing the products and services you request, processing your claims, protecting against fraud, maintaining security, confirming your identity and offering you other insurance and financial products.
For California residents, click here to view the full version of the California Consumer Privacy Notice.Para español, haga clic aquí para ver la versión completa del Aviso de Privacidad del Consumidor de California. Read less
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The CARES Act waives the 2020 Required Minimum Distribution (RMD) for IRA holders and participants in defined contribution qualified retirement plans. This includes RMDs for the 2020 calendar tax year, as well as 2019 first-time RMDs required to be taken by April 1, 2020 that were not already taken in 2019. The waiver for 2020 also extends to beneficiaries, including those who have elected to deplete the account under the five-year rule, in effect extending the period to six years.
The CARES Act and IRS Notice 2020-50 is allowing for coronavirus-related eligible withdrawals by certain IRA holders and participants within plans. The provision generally permits withdrawals in 2020 of up to $100,000 for individuals who have been diagnosed with the virus SARS-CoV-2 or coronavirus disease 2019 (COVID-19), individuals whose spouse or dependent is diagnosed with such virus or disease, or individuals who experience adverse financial consequences as a result of:
For purposes of applying these additional factors, a member of the individual's household is someone who shares the individual's principal residence.
These distributions qualify for an exception to the IRS early distribution penalty (if under 59 ½ years of age), and allow for taxation to be spread ratably over a three-year period. These withdrawals can also be re-contributed within the three-year period following the withdrawal, and are not subject to normal qualified plan mandatory 20% withholding.
To simplify the process for our current customers we will begin handling annual IRA fees differently beginning 9/30/20. Click here to view the notice.
Please contact your State Farm agent with questions.
When you contribute to a State Farm® Individual Retirement Account, your money grows tax deferred. This gives your retirement savings the potential to grow faster than if in a taxable account. Plus, you may contribute to a State Farm Individual Retirement Account even if you participate in a retirement program at work.*
Mutual Funds Risk Disclosures
A 10% tax penalty may apply for withdrawals from tax-qualified products before age 59½.
*For Traditional IRAs, deductibility of contributions affected by participation in Employer retirement plan. Roth IRA has income phase out limits.
When rolling over a 401(k) into an IRA it's important to do a full comparison on the differences in the guarantees and protections offered by each respective type of account as well as the differences in liquidity/loans, types of investments, fees, and any potential penalties.
Neither State Farm® nor its agents provide tax or legal advice.
Securities distributed by State Farm® VP Management Corp.
Securities are not FDIC insured, are not bank guaranteed and are subject to investment risk, including possible loss of principal.
State Farm VP Management Corp. is a separate entity from those State Farm® entities which provide banking and insurance products.