On this page13 sections
- Ratings and complaints
- Fidelity vs. competitors
- Pricing
- Step by step
- How to do a Roth conversion at Fidelity
- What a Fidelity Roth conversion costs
- Roth conversion rules to know before you convert
- Is Fidelity a safe place for a Roth IRA?
- Fidelity complaints
- Who should not convert, or not at Fidelity
- What customers say
- Alternatives
- FAQ
Fidelity is a safe, low-cost place to do a Roth conversion: Roth IRAs have $0 account fees and no minimum, online stock and ETF trades are $0, and you can convert a Fidelity traditional IRA online, in full or in part, with a free calculator to estimate the tax. Fidelity doesn't charge for the conversion itself; the cost is the income tax on the converted amount, and since 2018 the IRS doesn't let you undo it. It suits do-it-yourself investors and people with a Fidelity 401(k), but plan the tax with the calculator or a CPA before December 31.
- Roth IRA fees
- $0 account fees and $0 minimum to open2
- Conversion deadline
- 4 p.m. ET on December 31 for that tax year, or the last business day if December 31 falls on a weekend1
- How to convert
- Online for a Fidelity traditional IRA (full or partial, dollar amount or percentage); old 401(k) conversions by phone at 800-343-35481
- What converts
- Most traditional IRA investments convert in kind without being sold, valued at that day's closing price; most 401(k)s convert in cash1
- Reversible?
- No. Fidelity and the IRS say a completed conversion can't be reversed1
- SIMPLE IRA
- Must meet the 2-year aging requirement; converting before 59½ is generally subject to a 10% penalty1
- Trading costs
- $0 online U.S. stock and ETF trades; $0.65 per options contract3
- Broker
- Fidelity Brokerage Services LLC, Smithfield, RI; member NYSE and SIPC; FINRA CRD 77848
Pros
- $0 Roth IRA account fees and no minimum
- Online conversions for Fidelity IRAs, full or partial, by dollar amount or percentage
- Converts most investments in kind, so you don't have to sell first
- Free Roth conversion calculator and planning guides
- $0 fee for a full transfer out if you leave later
Cons
- 401(k) and SIMPLE IRA conversions need a phone call or form
- Conversions can't be reversed once complete
- Weak Trustpilot score (1.3) driven by service and transfer complaints
- Recent fines, including $1.25 million from Massachusetts in 2026 over a data breach
- No tax advice; you need a CPA for complex cases like the pro rata rule
Best for: Do-it-yourself investors with an IRA or old 401(k) at Fidelity who want to convert online at no cost.
Skip it if: You will need the converted money within five years, can't pay the tax from cash outside the IRA, or want someone else to plan the tax for you.
Fidelity vs. competitors
| Company | Roth conversion fee | Annual IRA fee | Online stock and ETF trades | Full transfer out fee |
|---|---|---|---|---|
| Fidelity | None listed | $0 | $0 | $0 |
| Charles Schwab | None listed | $0 | $0 | $50 (partial transfers $0) |
| Vanguard | None listed | $25, waived with e-delivery | $100 | |
| E*TRADE | Not published | Not published | $0 | $75 |
Fidelity pricing at a glance
Fidelity costs that matter for a Roth conversion, as listed October 20262
| Item | Cost at Fidelity |
|---|---|
| Opening or keeping a Roth IRA | $0 account fees |
| Account minimum | $0 |
| Converting a Fidelity traditional IRA online | No conversion fee listed |
| Online U.S. stock and ETF trades in the IRA | $0 |
| Options | $0.65 per contract |
| Fidelity Go robo advisor (optional) | $0 under $25,000, then 0.35% a year |
| Income tax on the converted amount | Your ordinary income tax rate, paid to the IRS and your state |
Fund expense ratios still apply. If you sell investments to convert in cash, you get the closing market price on the day the conversion is processed. Taxes withheld from a conversion are not converted, which can mean a 10% penalty on the withheld part if you are under 59½.
Fidelity, step by step
Estimate the tax
Use Fidelity's Roth conversion calculator or a tax pro to see how much income the conversion adds and which bracket it pushes you into.
Open a Fidelity Roth IRA
If you don't have one, opening it is free with no minimum.
Move outside IRAs in first
For an IRA at another firm, open a Fidelity traditional IRA, transfer the assets in, then convert. For an old 401(k), call 800-343-3548.
Submit the conversion
Log in, choose Roth conversion, pick the traditional IRA and a dollar amount or percentage, and make your tax withholding election.
Pay the tax and keep records
Expect Form 1099-R and Form 5498 the next year. Pay the tax from cash outside the IRA if you can, and track the five-year clock for each conversion.
How to do a Roth conversion at Fidelity
If your traditional IRA is already at Fidelity, log in, choose Roth conversion, pick the account, and enter a dollar amount or a percentage. Fidelity then asks for your tax withholding election. You need a Fidelity Roth IRA to receive the money; opening one is free. Most investments move in kind without being sold, valued at that day’s closing price.
For an IRA at another firm, open a Fidelity traditional IRA, transfer the assets in tax-free, then convert. For an old 401(k) or workplace plan, call 800-343-3548; most 401(k)s convert in cash. SIMPLE IRAs use a form and must be at least two years old. The deadline is 4 p.m. ET on December 31, or the last business day of the year if December 31 is a weekend.
What a Fidelity Roth conversion costs
Fidelity doesn’t list a conversion fee, and Roth IRAs have $0 account fees and no minimum. Online U.S. stock and ETF trades are $0 and options are $0.65 per contract. Fund expense ratios still apply.
The real cost is tax. The converted amount counts as ordinary income for the year, so converting $50,000 can push part of your income into a higher bracket and add state tax. If you have Fidelity withhold tax from the conversion and you are under 59½, the withheld amount is a distribution that can also face a 10% penalty, so paying from outside cash is usually better.
Roth conversion rules to know before you convert
- No undo. Since 2018 the IRS doesn’t allow recharacterizing (reversing) a conversion.
- No income or age limit. Anyone can convert. The 2026 Roth contribution phase-outs ($153,000 to $168,000 single, $242,000 to $252,000 married filing jointly) limit direct contributions, not conversions.
- Five-year rule. Each conversion has its own five-year clock; withdrawing converted money before then and before 59½ can trigger a 10% penalty.
- RMDs first. If you must take a required minimum distribution this year, take it before converting; RMDs can’t be converted.
- Pro rata rule. If you have both pre-tax and after-tax money in any traditional, SEP or SIMPLE IRA, part of a backdoor Roth conversion is taxable. Fidelity says a backdoor conversion is tax-free only if you meet its specific requirements.
- Medicare. A large conversion at 63 or older can raise Medicare Part B and D premiums two years later.
What customers say about Fidelity
Recurring themes across the review sites and complaint records listed above, not individual quotes.
Common praise
- No fee to convert and $0 Roth IRA account fees
- Online conversions, including partial conversions, without calling
- Free calculator and educational guides
- Highly rated app and 24/7 phone support
Common complaints
- Long hold times and hard to resolve account problems
- Accounts restricted for security or verification reviews
- Slow or stuck transfers from other firms
- Tax form corrections and confusion over withholding
Is Fidelity a safe place for a Roth IRA?
Yes. Fidelity Brokerage Services LLC is a FINRA registered broker-dealer (CRD 7784) and a member of SIPC, which protects up to $500,000 per customer, including $250,000 in cash, if the broker fails. SIPC does not cover market losses.
Its record isn’t spotless. BrokerCheck lists 24 regulatory events and 130 arbitrations over the firm’s history. In January 2025 FINRA fined it $600,000 after an employee took about $750,000 from stock plan participants, which Fidelity repaid, and in April 2026 Massachusetts fined it $1.25 million over a customer data breach. None involved Roth conversions.
Fidelity complaints
The BBB lists 1,342 complaints about Fidelity Investments in three years (rating A+, not accredited), and Trustpilot reviewers rate it 1.3 out of 5 from 1,175 reviews. Common themes are long holds, accounts restricted during security reviews, and transfers from other firms that stall. Its app, by contrast, is rated 4.8 from about 3.35 million App Store ratings.
For conversions specifically, most problems come from tax surprises: withholding elections, a missed December 31 deadline, or a 1099-R that doesn’t match expectations. Save your confirmation, check that the amount landed in the Roth IRA, and ask for a corrected form quickly if something is wrong. Unresolved disputes can go to FINRA or the SEC.
Who should not convert, or not at Fidelity
Converting usually doesn’t pay if you’ll need the money within five years, expect a lower tax rate in retirement, or would have to use the IRA itself to pay the tax. If your IRA is at another major broker, converting there avoids a transfer. If you have pre-tax IRA money and want a backdoor Roth, or you are near Medicare age, have a CPA run the numbers first.
Alternatives to Fidelity
- Charles Schwab Same $0 IRA fees and a free conversion calculator, plus about 300 branches if you want in-person help. Read review
- Vanguard A fit if your money is mostly in Vanguard funds, though it charges a $25 annual fee without e-delivery and $100 to leave. Read review
- Your current IRA custodian If your traditional IRA is at another major broker, converting there avoids a transfer and usually costs nothing.
- A fee-only CPA or planner Better if you want a multi-year plan that weighs tax brackets, Medicare premiums and state tax.
Fidelity reviews
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Frequently asked questions
Does Fidelity charge a fee for a Roth conversion?
Fidelity doesn't list a conversion fee, and its Roth IRAs have $0 account fees and no minimum. You still owe income tax on the amount you convert.
How do I convert my IRA to a Roth at Fidelity?
Log in, choose Roth conversion, pick the traditional IRA, enter an amount or percentage and choose your tax withholding. For an old 401(k), call 800-343-3548.
What is the deadline for a Roth conversion at Fidelity?
4 p.m. ET on December 31 for that tax year, or 4 p.m. ET on the last business day if December 31 falls on a weekend.
Can I undo a Roth conversion at Fidelity?
No. Fidelity says completed conversions can't be reversed, and the IRS ended recharacterizations of conversions in 2018.
Does Fidelity have a Roth conversion calculator?
Yes. It estimates the tax on different conversion amounts now against potential savings later. It is free on Fidelity's site.
Should I have Fidelity withhold taxes from my conversion?
Usually not, if you can pay from other cash. Withheld money isn't converted, and if you're under 59½ it can face a 10% penalty.
Can I convert stocks or funds without selling them?
Yes. Fidelity lets you convert individual securities in kind, valued at the closing market price on the day the conversion is processed.
Is there an income limit for Roth conversions?
No. Income limits apply to Roth contributions, not conversions.
What is the five-year rule for Roth conversions?
Each conversion starts its own five-year clock. Taking converted money out before five years and before 59½ can trigger a 10% penalty.
Can I do a backdoor Roth at Fidelity?
Yes, but Fidelity calls it an advanced strategy. If you have other pre-tax IRA money, the pro rata rule can make part of it taxable, so check with a tax advisor.
Sources (15)
Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards
- Fidelity: Convert an account to a Roth IRA (steps, deadline, rules and FAQ) (accessed October 12, 2026)
- Fidelity: Roth IRA fees and minimums (accessed October 12, 2026)
- Fidelity: Commissions and fees (accessed October 12, 2026)
- Fidelity: Roth conversion calculator (accessed October 12, 2026)
- IRS: 401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500 (IR-2025-111) (accessed October 12, 2026)
- IRS: Publication 590-A, Contributions to IRAs (conversions and recharacterizations) (accessed October 12, 2026)
- IRS: Publication 590-B, Distributions from IRAs (five-year rule) (accessed October 12, 2026)
- FINRA BrokerCheck: Fidelity Brokerage Services LLC (CRD 7784) (accessed October 12, 2026)
- FINRA BrokerCheck: Fidelity Brokerage Services LLC detailed report (Massachusetts order April 27, 2026; FINRA $600,000 fine) (accessed October 12, 2026)
- SIPC: What SIPC protects (accessed October 12, 2026)
- BBB: Fidelity Investments profile (accessed October 12, 2026)
- Trustpilot: Fidelity Investments reviews (accessed October 12, 2026)
- Apple App Store: Fidelity Investments (accessed October 12, 2026)
- Medicare.gov: Part B costs (income-related premium adjustments) (accessed October 12, 2026)
- Vanguard: Brokerage fee schedule and Roth conversion (accessed October 12, 2026)
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