Non-Retirement Transfers
What is the name of the system(s) to process an account to account transfer?
TaSC and Banking and AM Center
What IRA type(s) can receive a transfer from a Traditional?
Traditional, SEP, SIMPLE
Contributions must be made in _____.
Cash. Even MF $ Contributions count as cash on the back end during processing.
What form is needed to change a client's tax withholding?
The Tax Withholding form.
A BOA has questions regarding what time trades were placed for her client's Advisory Solutions UMA model account. Where do you go to see trade activity for the account?
Order Activity screen
For setting up a recurring transfer in TaSC, the client must transfer _____.
Cash
In order to contribute to a Traditional or Roth IRA, you must have _____.
Taxable Earned Income (compensation)
Contributions are reported by the custodian on Form 5498. It is required for the individual to file his or her tax return, True or False.
False
Molly wants to move $50,000.01 from her Roth to a Joint account. The SSNs on the accounts do not match. Is an LOA required, and if so, who needs to sign it?
Yes, an LOA is required, and Molly has to sign since she is the "losing" party.
Jerry has a client invested in an Advisory Solutions Fund single account. The client wants to transfer all of the funds into a Guided Solutions Fund single account. Jerry has entered the correct process to transfer the assets but is wondering why the Bridge Builder funds were sold. What do you tell Jerry?
Bridge Builder funds cannot be held outside of Advisory accounts. Bridge Builder funds always sell due to this reason.
For a Full and Close transfer, a residual balance will process within ___ business days.
3 business days
Contributing to this type of IRA allows you to take a potential deduction when you go to file your taxes.
Traditional IRA
What LOA/Signature is required to make a $7,000 traditional IRA contribution from an Edward Jones joint account via account-to-account transfer?
None! No signatures required.
What is the term for when a distribution MUST be taken from a Traditional IRA?
Required Minimum Distribution
BOA entered a TaSC account-to-account transfer for $25 into an Advisory Solutions Fund model account. The trade will be placed immediately upon deposit. True or False?
False. Anything under $50 does not automatically invest until it reaches that amount or it's been 2 days.
What is the name of the form that allows account to account transfers without the need for a Client Authorization Transfer form to be completed by the client every time? (ex. Recurring transfers)
Optional LOA / On Demand & Recurring Transfer Authorization
Jenna is transferring everything in her IRA over to her individual account, but she wants to leave the IRA open to make future contributions again. What is the required balance that must be left behind to process the transfer?
$75 (WEB5170337)
Name a common reason someone may be unable to make a contribution?
You went over your contribution limit. | You did not have taxable compensation/earned income. | You made too much money (only for Roth contributions)
At what age can I be penalized for pulling funds out of a retirement account?
If an advisory account has been exited from the program but there has been a cash balance sitting in there for 9 weeks, what is going to happen to the account?
It'll change to a Limited Select.
True or False. Stocks can always create fractional positions, even with only whole shares.
False
An LOA is never required when entering an IRA-to-IRA transfer. True or False?
True (Because IRA's can only transfer to IRA's for the same client/SS#)
Name two conditions that must be met to allow a dollar transfer of a mutual fund.
The assets to be transferred are mutual funds / The accounts have shared owners / Only 95% of the NAV is being requested / It's a transfer between a non-retirement and a retirement account
Give the qualifications in the form of "____ AND ____" for distributions to come out of a Roth tax and penalty free.
Over 5 years AND 59.5, death, disability, 1st time home purchase
What is the process for completing an "Exit and Sell All", to get everything transferred out and the account closed, for a Guided Solutions Flex account?
Branch must place sells BEFORE exit. After trades have settled they do the Exit and Leave. Then enter in the Exit and Transfer.