Taxes
EFT/GIACT
Partial Withdrawals
RMD/PPW
Surrenders
Final Jeopardy
100
Jimmy Buffet, a resident in FL wants to make a Partial Withdrawal and wants to withhold 15% for State. Is this possible?
No, FL is a Non-Withholding Tax State
100
What does CA11 mean for GIACT?
Pass, customer authentication passed authenticate
100
What states do we run CSLN for when making a Partial Withdrawal?
Texas and California
100
What tab do we setup the RMD/PPWs at?
Election of Options
100
What does LIFO mean?
Last in, first out
100
Who are the only 2 firms that if they provide DTCC information, NYL will NOT use it?
UBS & NFS
200
Who receives the 1099R?
The primary owner
200
Name 3 transactions that are validated by GIACT
- Income Payout Stream
- PPW
- RMD
- Accelerated payment
- Partial Withdrawal
- Surrender
- Death Claims
- Loans
- Freelook/Not Taken
- 72(t)
200
True or False - A rep can update an address and make a partial withdrawal on the same policy?
False - They can only do one of the requests and someone else will have to do the other one
200
Is this a form we can accept?
Yes, this is our annual RMD letter to the client
200
Money being moved from one Non-Qualified account to another Non-Qualified account is moved via a what?
1035 Exchange
300
Income Annuities require which IRS form to update tax withholding?
What is a W4P
300
True or False - We can accept this voided check?
False - This is a starter check
300
Is this a Gross or Net Withdrawal?
Gross Withdrawal - Taxes are taken from the $10K
300
True or False - QCD can ben sent as EFT?
False - They have to be sent as a check
300
True or False - We run CSLN on Transfer and 1035 Exchanges?
False - We do not, only on PW, PPW/RMDs and Surrenders
400
Who MUST sign the W4R form on a Joint Owned policy?
Primary Owner must sign
400
Looking at the image provided, how would we process this transaction?
Default to mailed check - Client didn't check what type of an account it is
400
Name one firm that we would send funds to through DTCC/NSCC
Morgan Stanley
Merrill Lynch
Wells Fargo
Edward Jones
Raymond James
400
If a partial withdrawal is processed on a policy with an Interest Only PPW, what do we have to do?
We have to reset the accrual date to the next date under the PPW Interest Only
400
True or False - We will accept this surrender request?
True - This is a WF Custodian request
500
True or False - Vermont require clients to withhold 30% State when making a withdrawal?
False - The client can elect out of State withholding. VT is a Mandatory (opt-out) State
500
What does GP01 GIACT code mean?
The account was found as active in your Private Bad Checks List - Request a different account and send manual check
500
A client sent us a request, can we accept this?
Yes, we know the client can't withdraw 8000% and we can assume they want the $8K Gross withdrawal
500
A client wants to set up a Quarterly Interest Only PPW eff 03/01/2024. What would the accrual start date be?
What is 12/01/2023 for the accrual start date
500
How many owners can you have on a qualified account?
One