Managing your account
*The myRA program ended on September 17, 2018. This site is no longer being updated.
- How do I sign into my account?
You can sign into your account by visiting myRA.gov and selecting “My Account.” You were asked to set up your account access—namely, a user ID and password—when you opened your account. If you have opened an account but have not set up your account access, you can do so after selecting “My Account”.
- What do I do if I forget my user ID?
If you forget your user ID, go to myRA.gov and select “My Account.” On the page that follows, select the “Forgot your user ID?” link under the text entry box to recover your user ID.
- What do I do if I forget my password?
If you forget your password, go to myRA.gov and select “My Account.” On the page that follows, enter your user ID and select “Sign In.” You will then be presented with a page that asks for your password. Select the “Forgot your password?” link under the text entry box to recover your password.
- How is the personal information I provide 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 myRA accounts.
Withdrawals, Transfers, and Rollovers
- What is a withdrawal?
A withdrawal refers to the money you take out of your myRA account. It is also known as a distribution.
- What does it mean to transfer or roll over a myRA?
A direct transfer and a 60-day rollover are methods by which you can move your myRA account balance to a private-sector Roth IRA. Doing so allows you to maintain all of the benefits of a Roth IRA and avoid the tax liabilities and penalties that can be associated with withdrawals. You can choose to transfer or roll over your account balance at any time during the life of your myRA account.
Direct Transfer: This is a payment made from your myRA account directly to your new Roth IRA provider without the funds going to you first. You will need to contact your new Roth IRA provider to learn the process they use for this action. No taxes will be withheld on the amount you transfer.
60-Day Rollover: This is a withdrawal payment from your myRA account that is paid directly to you; then, within 60 days from receiving the funds, you deposit the full amount distributed from your myRA account (the amount distributed to you plus any tax withholding) into your new Roth IRA. By completing a 60-day rollover, you can avoid adverse tax consequences on the distribution (ordinary income tax on earnings and a possible 10% additional tax). However, unless you elect out of federal tax withholding, federal tax withholding on earnings distributed from the Roth IRA distribution at a rate of 10% will apply. In some cases, this 60-day rollover deadline may be waived by the IRS.
- Can I take money out of (withdraw from) my account if I need to?
You can take your funds out of your myRA account at any time. However, interest earned can only be taken out of your account without tax and penalties under certain conditions. Visit myRA.gov/roth-ira to learn more. If you take money out of your account, you can deposit it into your personal checking or savings account or you can call myRA customer support to have a check mailed to you.
- How do I take money out of my account?
You may take money out of your account by signing into your account or by calling myRA customer support. You can deposit the money you take out into your personal checking or savings account or you can call myRA customer support to have a check mailed to you. Depositing money into your checking or savings account for the first time requires that we verify the account to make sure the deposit goes to the right place, and this may take up to three business days. Once we have verified your checking or savings account, you can use it to receive money from your myRA account.
- When can I withdraw the interest in my account without tax and penalties?
Any interest earnings distributed or withdrawn will be subject to federal income tax unless it is a “qualified distribution.” A distribution (withdrawal) is qualified if it is made at least five years after the account owner’s first contribution to the Roth IRA (counting from January 1 of the year of the first contribution), and the distribution is made:
- After the owner is age 59½;
- For a qualified first-time home purchase (up to $10,000 lifetime limit);
- After the owner is disabled; or
- To a beneficiary after the owner’s death or disability.
If a distribution is not qualified, any earnings in the Roth IRA are subject to federal income tax. In addition to any federal income tax that would apply, if the owner is under age 59½, a 10% additional income tax on any earnings will apply unless an exception is available, including exceptions for withdrawals:
- Due to disability or after death;
- Paid at least annually in equal or close to equal amounts over your life or life expectancy (or the lives or joint life expectancy of you and your beneficiary);
- For qualified higher education expenses;
- For health insurance premiums after the owner has received unemployment compensation for 12 consecutive weeks;
- For a qualified first-time home purchase (up to $10,000 lifetime limit);
- Made directly to the government to satisfy a federal tax levy;
- Up to the amount of deductible medical expenses; or
- That constitute a qualified reservist distribution, for a member of a reserve component called to duty for more than 179 days.
Visit myRA.gov/roth-ira to learn more.
- If I live in a jurisdiction that requires withholding, are there any restrictions to taking money out of my account?
If you live in a jurisdiction that requires withholding, you cannot withdraw funds online. We will determine your withholding status for you. If withholding is required, when you go online to take money out of your account you will receive an informational message explaining that you must contact myRA customer support to process the withdrawal.
- Do I need to report interest earned from my account on my federal income tax return?
Comerica Bank is the custodian of your myRA account and sends annual information to you and the IRS on the money put into or distributed (taken out of) your myRA account for a given tax year. Money put into your account and the total amount of savings in your myRA account is reported on Form 5498 (IRA Contribution Information). Money distributed or taken out of your account is reported on Form 1099-R (Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.)
- Why did I receive an additional payment from myRA after I withdrew all the funds from my account?
You may have received an additional payment due to a timing difference between when interest earned was reflected in your account balance, and when you requested a withdrawal (or distribution). When necessary, these additional interest payments were made to ensure account owners received their full account balances.
- How do I roll over withdrawn funds to another Roth IRA?
A myRA follows Roth IRA rules. This means that tax liabilities and penalties may apply to earnings if funds are withdrawn and paid directly to you. If you want to maintain all of the benefits of a Roth IRA and avoid the tax liabilities and penalties that can be associated with withdrawals, you can roll over your withdrawn funds (as well as any amount withheld by myRA for tax purposes) into another Roth IRA within 60 days. To do so, you will first need to identify a different Roth IRA provider and open an account with them. You should then follow the process outlined by your new Roth IRA provider to make a payment to your new Roth IRA account.
- How can I transfer or roll over my myRA account into my employer-sponsored retirement plan, such as a 401(k), or into a traditional IRA?
As is the case with all Roth IRAs, your myRA account balance cannot be transferred or rolled over into your employer-sponsored retirement plan or a traditional IRA. If you want to transfer or roll over your myRA account balance, you can do so only into another Roth IRA.
- What will happen to my myRA account if I draw down the balance to $0?
If your account balance is $0, we will close your account. There is no fee associated with account closure.
- Are there any transaction fees associated with withdrawals, transfers, rollovers, or the closing of my account?
myRA has no fees for withdrawals, transfers, rollovers, or the closing of your account. If you are transferring or rolling over to a new Roth IRA provider, please check with your new Roth IRA provider to learn whether they have applicable fees.
- How can I learn more?
- What is a contribution?
A contribution refers to the money you put into your myRA account (or another Roth IRA). It’s also known as funding your account, and is sometimes referred to as a deposit.
- Can I make contributions to my myRA account?
As of December 4, 2017, contributions are no longer allowed.
- What should I do if I still am trying to make payroll direct deposits to my myRA account?
If you are making contributions from your paycheck, cancel the direct deposit to your myRA account through your employer as soon as possible. Your employer may ask you to follow its paper or electronic process to cancel direct deposits.
- What should I do if I still am trying to push funds from my bank account to my myRA account?
If you have set up contributions to your myRA account through a financial institution, you should contact your financial institution to stop any transfer of funds to your myRA account.
However, if you have set up contributions from your bank account through myRA’s online account access site, you do not need to do anything. The program stopped processing these debit transactions beginning December 4, 2017.
Beneficiaries, Inheritance, and Closure
- What is a primary beneficiary?
A primary beneficiary is a person (including a minor) who would inherit your myRA account. You must name at least one primary beneficiary when you open an account. You also have the option of naming multiple primary beneficiaries and designating what percentage of your account value each person would receive. In some states, your spouse must sign a waiver if you want to name someone other than your spouse as a primary beneficiary.
- What is a contingent beneficiary?
A contingent beneficiary is a person (including a minor) who would inherit your myRA account if none of your primary beneficiaries survive you. The naming of a contingent beneficiary is optional. You also have the option of naming multiple contingent beneficiaries and designating what percentage of your account value each person would receive.
- How do I add, change, or remove beneficiaries after creating my account?
To add, change, or remove beneficiaries after you have created your account, contact myRA customer support.
- What happens with my account in the event of my passing?
Upon your passing, the named myRA beneficiaries who would inherit the account will need to contact myRA customer service and provide their mailing information so that necessary forms can be sent to them. A death certificate is also required. This information must come from a beneficiary; it can come from your estate only if there are no living beneficiaries.
The myRA program will close your myRA account within 120 calendar days of learning of your passing, provided that it receives a death certificate during that time. If myRA receives mailing instructions from a beneficiary within those 120 calendar days, the program will create an “inherited” myRA for the beneficiary. If myRA customer support does not receive mailing instructions from a beneficiary within 120 calendar days of learning of your passing, we will send a check to your estate for that beneficiary’s portion of your account.
- Will my beneficiary be able to put money into the account they inherit?
Money cannot be placed into an inherited myRA.
- How do I close my account?
You can close your myRA account at any time by calling myRA customer support.
- Under what circumstances will my account be closed?
Your account will be closed if it is still open when the program is phased out. For more information, see myra.gov/faqs/phasing-out-the-myra-program/.
myRA will also close your account if:
- If your account balance is $0.
- If you pass away, after your beneficiaries or your estate provides instructions on how the balance should be distributed.
- Due to actual or suspected fraud, misuse, or other criminal activity, or as required by law.