Traditional IRA Application
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Both Roth IRAs and traditional IRAs use the same application, a Schwab IRA Account Application. Employer-sponsored IRAs, like SEP-IRAs or SIMPLE IRAs, can use this form but also require additional documentation.
This prefilled form is ready for opening a traditional IRA, the most common pre-tax IRA. You can find the prefilled one for a Roth IRA here.
In Section 1, we have identified the account type as a “Contributory IRA.” This is the generic IRA type for an account where you want to contribute either deductible or nondeductible IRA contributions.
If you are opening this account for the purpose of receiving a rollover from your employer sponsored retirement account, you could consider switching to the Rollover IRA type, although it is not strictly necessary.
Section 2 is where you fill out your information as an account holder.
On Page 7 in Section 7, you should fill out your beneficiary designations. You can identify which designations you want to be primary by bubbling the “Primary” box and which ones you want to be contingent by bubbling the “Contingent” box under “Type of Beneficiary.” At a minimum, you should at least identify all your primary beneficiaries.
If you want to use either the per stirpes or per capita designations on any of your beneficiaries, fill out your application for now without those designations. Then, once your account is open, fill out this form to Update Beneficiary Designations at Schwab.
Finally, you should sign and date in Section 8.