Individual investors who use certain personal finance software will now be able to open IRAs from their home computers. Banking and financial services company Wells Fargo said today that it has partnered with a manufacturer of tax and bookkeeping software to create the service.
Users of Quicken, a personal finance program, and TurboTax, which allows users to calculate and file their taxes online, will be able to open the IRA accounts through Wells Fargo, the company said. Both software titles are manufactured by Intuit.
The announcement comes as a number of companies are increasingly promoting IRA programs because of tax season. Companies are known to market the vehicles this time of year because taxpayers are drawn to the idea of reducing their taxable income by setting aside as much as $2,000 the plans. Shelley Freeman, an executive VP at Wells Fargo said she hoped users of the software would take advantage of a "last minute deduction" before the IRS deadline of April 15.