Distributions
The Distribution Code for a Normal Distribution.
What is 7.
The date that 1099-Rs have to be sent out by.
What is January 31st.
When is a 1099-R created for a TSA Loan?
What is when the loan is in default.
Who receives an RMD Letter?
What is clients that are 73 with Qualified policies.
What an Allocation Change is processed for.
What is new money/additional funds.
The Distribution Code for an Early Withdrawal
What is 1
John has a Qualified SPIA, his payment date is the 3rd of every month. He gets $200/monthly. His 1099-R he received stated that his gross distribution was for $2,600 for the year. How could this be?
What is the January check cut in December of the previous year.
If the client takes their 2024 RMD in 2025. This will appear on a corrected 2024 1099R. True or False?
What is false.
Who can you send a 1099-R to over the phone without the client?
What is the active Agent of Record.
When the interest is credited for indexed accounts.
What is Point-to-Point Crediting, credited annually on the segment maturity date.
The Distribution Code for a 1035 Exchange.
What is 6
Why might the client get two 1099-R's?
What is the client moved states during the same year.
When do SYSW payments process?
What is on the due date overnight. Unless it is a Holiday or weekend, then the business day prior.
Who can request for the 1099-R to be faxed to an advisor?
What is the client.
If $50,000.00 is invested in the S&P 500 One-Year 100% Participation with a cap rate of 4% and returns 8% on the maturity date. What is the rate the client will receive for the year?
What is 4% the cap rate
The Distribution Code for Death
What is 4
When is it ok to Delete a 1099-R?
What is Partial Transfers or if the client should not have received one
*** Structured Settlements never receive a 1099r***
It is ok to put in chat "I don't know why this 1099R is incorrect, can someone tell me why?" True or False?
What is false. If it is not clear what is incorrect, time should be set up with a consultant for review.
A tax advisor calls in without the client and requests a copy of the client's 1099R, we can fax him a copy. True or False?
What is False
A client can request funds from their fixed account into the S&P 500 One-Year 100% Participation with Guaranteed Cap at any time. True or False.
What is false.
The Distribution Code for a Direct Transfer
What is nothing, it is not tax reportable.
When would a client in Puerto Rico receive a 1099-R?
What is when the client has a Non-Qualified Account, a valid SSN and takes a distribution.
In February, we make a correction to the clients 1099R taxable portion. Will they receive a 1099R with the corrected box checked?
What is no, any correction made before the tax deadline of April 15th will not have the box checked.
The POA calls in and requests for us to send the client's 1099R to an alternate address. We can take this request over the phone, True or False?
What is False. The POA can request the 1099-R to be sent to the address on file, but will need to submit a LOI to send to an alternate address.
Client has 10,000 in the S&P 500 One-Year Performance Trigger with a trigger rate of 6%. On the segment maturity date the market returns 1% for that indexed account, what is the rate the client will receive?
What is 6%.