Contribution Limits
What are the 2019 EE contribution limits for Traditional and Roth IRA's?
$6,000 ($7,000 catch up)
When will clients receive forms 1099B, 1099Div, and 1099R?
TA: January
VBA: February
What are the client's options if they contributed too much to an IRA before April 15?
Excess removal of contributions and earnings
The purpose of Compass Code 3A is to update the contribution ______ or ______.
Contribution Coding (EE/ER) or Contribution Year
An __________ is a personal, tax-deferred account the IRS created to give investors an easy way to save for retirement.
IRA (Individual Retirement Account)
What are the 2019 EE and ER contribution limits for SEP IRAs?
EE: $6,000 (catch up $7,000)
ER: $56,000 (catch up $57,000)
When will clients receive form 5498?
May
What is the deadline for Traditional and Roth IRA contributions for tax year 2018?
April 15, 2019
An IRA holder has ____ calendar days in which to revoke a newly established IRA.
Seven (7)
(Transaction is processed as an as-of excess removal with the same trade date as the original contribution).
According to Vanguard.com, what are the two factors to consider with a Roth IRA?
Eligibility and contribution amounts could be limited by your income
Contributions can't be deducted
What is the 2019 contribution limit for SIMPLE IRAs?
Lesser of $13,000 or 100% of compensation
When will clients receive forms 1099 MISC, 1099 OID, and 1099 INT?
Mid-February
What are the penalties for taking an early distribution from a Traditional IRA?
10% penalty and required to pay normal federal income tax
A transaction will appear on a risk report when it violates one of four fund policies. Name the 4 fund policies.
Closed Fund
Fund Minimum
Daily Maximum
Annual Maximum
According to Vanguard.com, what are the three factors to consider with a Traditional IRA?
No contributions allowed after age 70 1/2
RMDs must start at age 70 1/2
A portion of your withdrawals may be taxable
What are the 2019 contribution limits for Individual 401ks?
EE: $19,000
ER: $56,000 or 25% of compensation
If a client revokes a newly established (funded) IRA, which tax forms will be generated?
Tax Forms 5498 and 1099-R showing the money coming in as a contribution, and also leaving as a distribution.
(Contribution & Distribution will have the same trade date).
What is the tax filing deadline for making a contribution to an Individual 401k for a corporation, tax year 2018?
(need specific date)
March 15th, 2019
This type of correction shows as "other" in a client's transaction history on WAVE.
Bucket Adjustment
According to Vanguard.com, what are three benefits of a Traditional IRA?
Contributions may be tax-deductible
Earnings grow tax-deferred
Eligibility not limited by income
What is the income limit for a SEP IRA?
$280,000
What is MAGI, and where is it reported?
Modified Adjusted Gross Income
IRS Form 1040
When can an individual without any earned income contribute to an IRA?
A non-working spouse who is below RMD age, and couple is filing taxes jointly
If the client is making a postponed contribution due to being a victim of a disaster/storm relief area, what 3 things are required?
LOI indicating that they are a victim of an affected area.
State in which they live in.
County in which they live in.
According to Vanguard.com, what are 4 benefits of a Roth IRA?
No taxes on withdrawals of contributions
No taxes on earnings
No RMDs
No age limit to open the IRA or contribute to it