Contributions
The tax form that reports all IRA contributions to the IRS
What is the 5498?
The tax form that reports all IRA distributions to the IRS
What is the 1099-R?
The name of the required distributions from a Traditional IRA
What is RMD or required minimum distribution?
The number of withdrawals required during the life of a Roth IRA
What is zero?
The age at which a participant can take a distribution from a Roth IRA or a Traditional IRA without penalty
What is age 59 1/2?
Contribution limit for Traditional and Roth IRAs in 2026
What is $7,500?
The minimum amount required when federal withholding is requested
What is 10%?
The penalty for taking an early withdrawal before age 59 1/2
What is income tax and a 10% penalty?
The tax advantage of a Roth IRA
What is the earnings grow tax free provided the 5-year rule has been met and the owner is at least 59 1/2?
The age that an IRA holder is required to start taking an RMD
What is age 73?
Contribution limit for Traditional and Roth IRA if over age 50 in 2026
What is $8,600?
Exceptions to the early distribution penalty for Traditional IRAs (must name 1 correct)
What are Disability, First Time Home Buyer, Higher Education Expenses?
Maximum age to contribute to a Traditional IRA
What is no maximum age as long as there is earned income?
What is prior to the contribution being made?
The name for an extra contribution attributable to an individual over age 50
What is Catch-up Contribution?
Penalty for excess contributions in a given year that are not removed before October 15th
What is 6%?
Only this portion of the withdrawal is taxable and may be subject to a penalty on Roth IRA withdrawals.
What is Earnings?
True or False: Required Minimum Distributions are reportable AND taxable.
What is True?
The number of years between the first contribution and the first withdrawal to avoid a tax penalty
What is 5 years?
A permanent movement of assets from a tax deferred IRA to a Roth IRA.
What is a Conversion?
The deadline for prior year contributions
What is tax day (Typically April 15)?
The IRS penalty for an individual who does not take their RMD.
What is 50% of what the RMD should have been?
The primary tax benefit of a Traditional IRA
What is funds deposited may be tax-deductible?
The ordering rules for distributions from a Roth IRA.
What are contributions, conversions, earnings?
The process of moving retirement savings from a pre-tax account like a Traditional IRA or a 401K to a Roth.
What is a Roth Conversion?