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Distributions

How can I make a withdrawal from my Capital One 360 IRA Plan?

Distributions (also known as withdrawals) are made online.

To take a distribution online:

  1. Sign in to capitalone360.com
  2. Click on your IRA Plan
  3. Select the 'Contributions & Distributions' tab
  4. Click on the 'Continue' button in the 'Schedule a Distribution' section
  5. You can move the funds to your 360 Savings, 360 Checking or your linked checking account

If you need to take a withdrawal from your IRA CD, go to the 'Maturity Options' tab after selecting your IRA CD. Once there, you can close your IRA CD into your IRA Savings Account (regular penalties for early CD closure apply). Then, use the steps above to complete your distribution online.

If you have any questions about IRA distributions, please email us at ira@capitalone360.com.

What happens to my account in the event of my death?

The proceeds of your IRA Plan will be paid to your designated beneficiaries so it's important to designate beneficiary(ies) when opening an IRA Plan at Capital One 360. If you do not designate any beneficiaries, the proceeds will go to your estate.

Am I ever required to take funds from my IRA?

With Traditional IRAs, you're required to take minimum withdrawals or distributions starting at age 70½ or you'll be penalized by the IRS. With Roth IRAs, you're not required to take mandatory distributions at a certain age, so your earnings can continue to grow until you need them.

How do I take a distribution?

To take a distribution (withdrawal) from your Traditional or Roth IRA Plan:

  1. Sign in to capitalone360.com
  2. Click on your IRA Plan on the ‘My Accounts’ page
  3. Click on the ‘Contributions & Distributions' tab
  4. Click 'Continue' in the 'Schedule a Distribution' section
  5. Review the 'Schedule a Distribution' section to see how much you can withdraw
  6. Select the account you want to send the distribution to
  7. Enter how much you want to take the distribution for
  8. Select a withholding option from the drop-down menu (always ask your tax advisor whether withholding taxes is the right option for you)  
  9. Click ‘Continue,’ review the information and click ‘Submit’

Can’t complete your distribution online? Request an IRA Withdrawal Statement by giving us a call at 1-877-955-8700, from 8 AM to 11 PM ET, Monday through Friday, or email us at ira@capitalone360.com Opens a new window.

Some states have specific rules around taking distributions. Check them out below.

General Rules
For requests in writing please mail the appropriate Form or letter to us at Capital One 360, P.O. Box 60, St. Cloud, MN 56302-0060.

State Specific Rules
California:
IRA distributions are subject to state withholding at 10% of the federal withheld amount unless you elect no state withholding.

Nebraska: IRA distributions are subject to state withholding at 5% of the gross amount if your distribution is subject to Federal withholding. As a resident of Nebraska, you may request additional withholding above 5% as long as you provide this request to us in writing. 

New Jersey: As a resident of New Jersey, IRA distributions are subject to withholding if you elect state withholding. You must specify a flat amount of no less than $10. Please mail Form NJ W-4P to us with your withholding election.

North Carolina: IRA distributions are subject to state withholding at 4% of the gross amount, but you may request no withholding by completing and returning Form NC-4P to us.

Oregon: IRA distributions are subject to Oregon withholding at 8% of the gross amount unless you elect no withholding.

Utah: As a resident of Utah, you may elect Utah withholding on your IRA distribution. This request must be received in writing. IRA distributions are subject to state withholding at your Utah wage withholding rate as determined in Utah Publication 14, Withholding Tax Guide.

Wisconsin: As a resident of Wisconsin, you may  elect to have Wisconsin withholding taken from your IRA distributions. This request must be received in writing. In the event that your election results in withholding less than $5 (per distribution) Capital One 360 may choose not to withhold the amount.

What is a Required Minimum Distribution (RMD)?

Customers who have a Traditional IRA must take Required Minimum Distributions (RMD) every year starting at the age of 70 ½.  We ask that you consult your tax advisor or visit www.irs.gov Opens a new window to learn how RMDs could affect your taxes.  If you’re required to take a distribution, follow these directions to learn how much you need to withdraw:

  1. Sign in to capitalone360.com
  2. Click on your IRA Plan on the ‘My Accounts’ page
  3. Review the 'Required Minimum Distribution’ section to locate the amount

Learn how to take a distribution.

If I make an early withdrawal from my Traditional IRA before age 59½, do I pay an IRS penalty?

In most cases, you will pay a penalty if you make an early withdrawal. Please consult your tax advisor for more information. If taken after age 59½, all earnings and principal distributions are penalty free.

Am I required to make withdrawals from my Traditional IRA at a certain age?

You're required to begin taking minimum withdrawals (Required Minimum Distributions) at age 70½ or you'll be penalized by the IRS. Please consult your tax advisor for information on Required Minimum Distributions.

When can I start taking tax-free distributions from my Roth IRA?

You can start taking tax-free distributions after age 59½.

Do I have to take minimum distributions from a Roth IRA when I reach age 70½?

No, with a Roth IRA you are not required to start taking minimum distributions when you reach age 70½.

IRA Contributions & Distributions

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