Opening the Account
- Am I eligible to open and save in an account?
To open and save in a myRA (or any other Roth IRA), you must have at least as much “earned income” as you plan to save in the account. Earned income includes salary, wages, or self-employment income in the United States (including military addresses and U.S. Territories).
However, your annual earned income must be below certain limits. For 2017, you’re eligible to put money into a myRA (or any other Roth IRA) if you have annual earned income below:
- $133,000 if single, head of household, or married and filing separately; or
- $196,000 if married and filing jointly.
These annual earned income limits may change in future years.
You also need to be within the annual limit on the amount you can contribute to any Roth IRAs and traditional IRAs you own. Depending on your earned income, for the 2017 tax year you can contribute up to:
- $5,500 if you’ll be under 50 years of age at the end of the year; or
- $6,500 if you’ll be 50 years of age or older at the end of the year.
This is the annual limit on what you can put into all your IRAs combined—not just your myRA—and may change in future years. Visit myRA.gov/roth-ira to learn more.
- Can I open more than one account?
An individual who has opened a myRA is ineligible to open another myRA, even if they close the other account before attempting to open a new account. However, inherited accounts do not count for purposes of this restriction. An individual can open another account if they own or previously owned an inherited myRA.
- Can my non-earning spouse open an account and save with a myRA?
Both you and your non-earning spouse can open and save in separate myRAs if you file a joint tax return and have earned income that is below the applicable annual limits. Because you’re filing a joint tax return, it doesn’t matter which spouse earned the income. However, keep in mind that you and your spouse are each subject to separate annual limits. Depending on your income, for the 2017 tax year both you and your spouse can each contribute up to $5,500, or $6,500 if you and your non-earning spouse will be 50 years of age or older at the end of the year.
- Can my minor child open an account and save with a myRA?
A minor who is age 16 or older is eligible to open a myRA as long as the minor has earned income and that income is within the applicable annual limits. The minimum age requirement is one imposed by myRA, as opposed to being one that applies to all Roth IRAs generally. For an account holder who is a minor, the account would be opened in the minor’s name and using their Social Security number.
- Can I have an account if I have other traditional IRAs or Roth IRAs?
You can have a myRA even if you have other traditional IRAs or Roth IRAs. If you choose to open and put money into a myRA in addition to another IRA, you need to make sure that the combined total of your contributions to all of your IRAs (traditional IRAs and Roth IRAs) is below the limit on the amount you can contribute each year. Depending on your income, for the 2017 tax year you can contribute up to $5,500, or $6,500 if you’ll be 50 years of age or older at the end of the year.
- Can I have an account if I already participate in a 401(k) or other employer-sponsored retirement savings plan?
You can use a myRA in addition to an employer-sponsored retirement plan, such as a 401(k) plan, though generally you should strongly consider using an employer-sponsored plan before using myRA. (If you’re eligible for a retirement savings plan through your job, it might include special incentives for saving, such as an employer matching contributions. myRA isn’t meant to replace employer-sponsored retirement savings plans.)
- Do I have to be a U.S. citizen to open and save in an account?
U.S. citizenship isn’t required to open and save in an account. However, you are required to have earned income in the United States.
- I’m a U.S. citizen who lives overseas; can I open an account and save with myRA? (back)
U.S. citizens living overseas who are eligible to save in a Roth IRA may open and save in a myRA. However, you won’t be able to open an account online with a foreign address. You must call myRA customer support and open your account over the phone.
- Can I open an account even if I’m ineligible to put money into it this year?
You can open a myRA even if you’re ineligible to put money into it this year. You can only make contributions if you have earned income that is within the earned income limits that apply to all Roth IRA accounts. myRA follows the Roth IRA rules on earned income requirements. There are scenarios where your contribution can be applied to your prior year. Visit myRA.gov/roth-ira to learn more.
- Does having bad credit make me ineligible for myRA?
Your credit score isn’t used to make a decision about whether or not you’re eligible to open an account.
- Can I open an account if I’m overdue on payments to the federal government or a state, such as federal student loans or child support payments?
Your eligibility to open an account doesn’t depend upon whether you owe any outstanding debts.
- What information do I need to open an account?
To open an account online, you’ll need the following:
- Social Security number
- Email address
- Driver’s license, state ID, U.S. passport, or military ID
You’ll also need to have the name and birth date of at least one person who would inherit your account should you pass away before the account is closed.
- Can I open an account if I don’t have a Social Security number or an email address?
If you have an Individual Taxpayer Identification number instead of a Social Security number, or if you don’t have an email address, you can still complete your enrollment by contacting myRA customer support.
- Why do you need my Social Security number to open an account?
Federal law requires that all financial institutions—including Comerica Bank, which manages myRA for the U.S. Treasury—obtain, verify, and record a Social Security number or an Individual Taxpayer Identification Number (for individuals who don’t have a Social Security number) for each individual who opens an account, along with their name, address, and date of birth.
- Why do you need my marital status to open an account?
We ask about your marital status for tax reporting purposes and to ensure any necessary waivers are collected based on who you name as your primary beneficiary (the person who would inherit your account).
- Why do you need my email address to open an account?
We ask for your email address so we can communicate with you regarding your account. If you don’t have an email address, you can open an account over the phone by contacting myRA customer support.
- Why do you need my ID information to open an account?
We use ID information to confirm your identity before we open your myRA. Federal law requires that all financial institutions—including Comerica Bank, which operates myRA for the U.S. Treasury—obtain, verify, and record information that identifies each person who opens an account.
- Why do you need my citizenship status to open an account?
We ask for your citizenship status to confirm your identity before we open your myRA. Federal law requires that all financial institutions—including Comerica Bank, which operates myRA for the U.S. Treasury—obtain, verify, and record information that identifies each person who opens an account.
- Why do you need me to name a beneficiary to open an account?
You need to name at least one person who would inherit your myRA, ,known as a primary beneficiary, so that the myRA custodian (Comerica Bank, which operates myRA for the U.S. Treasury) can contact that individual regarding the savings in your account in the event of your passing. In some states, your spouse must sign a waiver if you want to name someone other than your spouse as a primary beneficiary.
- How is the personal information I provide when opening and maintaining an account used?
- How is the personal information I provide when opening and maintaining an account kept private and secure?
As a financial institution, Comerica Bank, which operates myRA for the U.S. Treasury, must comply with laws that protect the privacy of consumer financial information. Bank examiners review each financial institution’s compliance and internal controls and can take action to address violations or deficiencies.
- Does the U.S. Treasury have access to my account and my account information?
Aside from some exceptions specifically allowed by law, the U.S. Treasury does not and cannot have access to personal information associated with myRAs.
- What happens to my online application if I don’t complete it?
If you don’t take any action on your online application for 20 minutes, your session will time out and you’ll need to start over. You can’t save your application and return to it later on.
- Why might my enrollment fail?
Your enrollment might fail for several reasons, but most likely it was because we were unable to verify some of the information you provided during the enrollment process. For instance, this may occur if you are young enough that your information does not yet appear in the data sources used to verify enrollment.
- What are my options if my enrollment fails?
If your enrollment fails, you can try again, particularly if you think there is a chance you provided incorrect enrollment information. You may also contact customer service, though there is no guarantee that they will be able to resolve the issue. We are investigating alternatives that might allow you to enroll even if you can’t do so using the online enrollment process, but have not implemented any of these alternatives at this time.