Tax Basics
What is it called when a married couple files their taxes together?
Married, filing jointly
True or False
When at the right age to collect, a person can claim their social security payment amount, or their deceased spouse's social security payment amount.
True.
*Social Security Administration may not make this obvious, this choice will have to be proactively requested by the surviving spouse.
DM
District Manager
This is the Equitable Tool that you use to submit most items to compliance
Pinpoint, or Pinpoint Portal
Name 2 things Catherine likes to do in her spare time
(hobbies / interests)
Catherine to judge response
Name one type of financial transaction that would warrant at 1099 R to be sent to your client
Rollover from a retirement account to another retirement account
For someone born in 1985, what does Social Security consider to be that person's full retirement age? (FRA)
67
(Anyone born 1960's and later)
LPL
Linsco and Private Ledger, or Linsco Private Ledger
Describe the purpose of Reg BI
(correct response judged by group)
Name two things Nick Nilsen likes to do in his spare time (hobbies/interests)
DOUBLE JEOPARDY
This is the new date that 2020 Taxes must be filed by, and additionally, 2020 Roth IRA Contributions must be made by.
May 17th
Acronymed "BB", these are the two words that describe the amount of social security $$ a person will receive, compared to the full amount they are eligible to receive.
Benefit Base
CDFA
Certified Divorce Financial Analyst
Don't forget to use this when faxing anything
Fax Cover Sheet
Name 2 things David likes to do in his spare time
(David to judge response)
For all of our homeowners out there... Why is filing the form 1098 tax form important?
The form 1098 shows interest paid on mortgage, which is a tax deductible expense.
This is the user friendly website that anyone can visit to log-into their own social security portal, and learn about their options.
DOUBLE JEOPARDY
CRM
Client Relations Manager
This is the Equitable Tool that allows our compliance team to make sure your social media activity is compliant
Hearsay Social
Name 2 things Josh likes to do in his spare time
(Josh to judge response)
Name all 7 of the 2021 tax brackets
10%, 12%, 22%, 24%, 32%, 35%, 37%
A client asks you "will my social security income be taxed?". Provide an appropriate response.
Answer judged by group.
REAF
(part of Reg bi)
DOUBLE JEOPARDY
Speak to the group as if you are speaking to a client and disclosing the items you are required to disclose as part of Reg BI
(correct answer judged by group)
(Koby to judge response)