Yes! You can use AI to fill out New Fidelity Account Application — SIMPLE IRA

Applicants often leave the 'Employer Taxpayer Number' field blank or mistakenly enter their own Social Security Number. This number (an EIN) is required for Fidelity to link the employee's SIMPLE IRA to the employer's plan, and its absence will halt the account setup process. To avoid this, employees must ask their employer for the correct Employer Identification Number (EIN) before filling out the form.

A frequent error is designating beneficiary shares that do not add up to exactly 100% for each section (Primary and Contingent). This happens due to simple math errors or misunderstanding the requirement. An incorrect total will cause the application to be rejected, delaying account opening and potentially leaving assets without a clear designation. Always double-check that the percentages for all primary beneficiaries total 100%, and do the same for contingent beneficiaries.

Applicants often fail to provide all the required information for each beneficiary, such as their Taxpayer ID Number (SSN) and full date of birth. This information is critical for verifying the beneficiary's identity upon the account owner's death. Missing details can lead to significant delays and legal complications for heirs trying to claim the assets. Ensure every field is completed for each listed beneficiary.

In Section 3, applicants make mistakes like entering allocation percentages that do not sum to 100%, providing allocations below the 10% minimum per fund, or listing a fund symbol without the name. These errors prevent the automatic investment of contributions, leaving funds in the default cash position instead of the desired investments. To prevent this, verify that all percentages are 10% or greater and that the total is exactly 100%.

The most common and critical mistake is failing to sign and date the application in Section 5. An unsigned application is legally invalid and will be immediately rejected, stopping the entire account opening process. Applicants must physically sign and date the form in the designated spaces before submission. Using an AI-powered form filler like Instafill.ai can highlight required signature fields to ensure they are not missed.

The form explicitly requests printing in CAPITAL letters with black ink, but many applicants use cursive or messy handwriting. This can lead to data entry errors by Fidelity staff, resulting in a misspelled name, incorrect address, or wrong SSN, which causes significant processing delays and future account issues. To avoid this, type directly on the screen if possible or print very clearly in all caps. Tools like Instafill.ai can convert this PDF into a fillable version, eliminating handwriting issues entirely.

Non-U.S. citizens or residents often fail to complete the required fields for their government ID, including number, country of issuance, and expiration date, or forget to attach a copy of the ID. Federal regulations require this information for identity verification, and its absence will prevent the account from being opened. Foreign persons must fill out this section completely and remember to submit a copy of their unexpired ID and a W-8 BEN form.

Applicants sometimes enter a P.O. Box as their residential address, but this field must be a physical street address for legal and tax reporting purposes. Using a P.O. Box in this section will lead to the application's rejection, as it does not meet federal 'Know Your Customer' (KYC) requirements. A P.O. Box is only permissible in the separate 'Mailing Address' section.

Many people incorrectly assume the 'Associations' section does not apply to them and skip it without careful reading. This section is a regulatory requirement for individuals (or their immediate family) associated with a broker-dealer or other financial institution. Failure to disclose this information can lead to compliance violations and potential restrictions on the account. Carefully read the criteria and complete the section if it applies to you or a household family member.

In the beneficiary section, some account owners mistakenly list themselves as a primary or contingent beneficiary. An individual cannot inherit an account from themselves, so this designation is invalid and will be disregarded. This mistake means the account would have no valid beneficiary, and assets would pass to the estate according to the custodial agreement, potentially creating probate delays. Always name another person, trust, or entity as the beneficiary.