RMD
At this age the IRS requires a person to start taking RMD’s from their IRA accounts
What is 73?
This is where I can locate the date of death
What is FDOT?
(look under customer profile towards top middle)
This IRS form is generated by Fidelity to report the removal of the amount of excess addition in an IRA
What is 1099-R?
Once you start a SEPP-72T plan you must continue taking payments for at least 5 years or until you reach this age, whichever is longer
What is age 59 1/2?
IRA traditional and Roth contributions generally need to be made by this date
What is Tax day April 15th?
I am still working do I have to start taking RMD’s from my IRA accounts
What is yes?
The 10 year rule doesn’t require annual RMDs if the original owner died before this key date
What is required beginning date?
(RBD)
This four-letter word will need to be settled in the IRA before an excess can be removed
What is Cash?
True or False: You can take extra distributions above your scheduled SEPP-72T amount without penalty?
What is False?
I have until this date to take my very first RMD distribution
What is April 1st of the year after I turn 73?
This is the IRS form I file to report that I have taken a missed RMD
What is form 5329?
These special groups are exceptions to the 10 year rule for Post Secure Act Beneficiaries, often allowed to use life expectancy
Who are eligible designated beneficiaries?
The procedure a client needs to follow when they take a withdrawal instead of completing a ROE
What is Recode?
Breaking a SEPP-72T plan early results in having to pay this, plus interest, on all withdrawals taken
What is the 10% early withdrawal penalty retroactively applied?
have until this date to do a return of excess or recharacterization in my IRA account for the previous tax year 2024
What is Oct 15, 2025
I will have to do this to correct converting my RMD to my Roth IRA account
What is process a return of excess from the Roth account for the RMD amount?
If the original depositor passed away Pre- Secure Act and before their required beginning date, beneficiaries could choose between these two payout methods
What is the 5 year rule and thelife expectancy method?
When it is returned timely, this recently passed law exempts the earnings on excess contribution to an IRA from the early withdrawal penalty
What is the Secure Act 2.0
Careful planning is needed since once you start SEPP-72T, you cannot stop or change it unless you meet these IRS-recognized exceptions
What is disability or death?
Check writing checks from IRA accounts for QCD’s need to be cashed by what date to count towards RMD’s for the current tax year
What is December 31st?
I can use the joint life table to calculate my RMD if I meet these requirements
What is when my spouse is more than 10 years younger and is my primary beneficiary for the entire year?
Name two differences in RMD treatment between a spouse and non-spouse beneficiary Pre-Secure Act
What is (1) spouse could roll into their own IRA (2) spouse could delay until decedent would‘ve reached RBD?
This is the last year by which the client can file timely ROE for the excess contribution deposited for the tax year 2025 in 2026
What is 2027?
The IRS permits these three calculation methods for determiningSEPP-72T payments
What are the Required Minimun Distribution method, Fixed Amortization method, and Fixed Annuitization method?
According to the IRS this is considered timely when taking a missed RMD to get the penalty reduced from 25% to 10%
What is 2 years?