Types
The three types of IRAs Navy Federal offers.
What are Traditional, Roth, and SEP?
Moving funds from an IRA to another IRA of the same type.
What is a Direct Transfer?
Prior to any IRA withdrawal, we must verify funds have been in the account for ___.
What is 5 business days?
Must have requirement to make contributions.
What is earned income?
Dividends grow tax ___ in a Traditional or SEP IRA.
What is deferred?
Moving funds from a 401(k) or TSP to an IRA.
What is a Direct Rollover?
Age at which normal distributions may begin
What is 59 1/2?
Virginia State Tax minimum percentage.
What is 4%?
Type(s) of IRAs that do not have tax deductible contributions.
What is Roth?
SEP: You may make a maximum annual contribution for 2024 of 25% of compensation or up to ____, whichever is less.
What is $69,000?
Age at which Required Minimum Distributions (RMDs) are to begin.
What is 73?
IRA distributions are subject to a required minimum ___ percent federal tax withholding unless otherwise specified.
What is 10%?
This is what SEP stands for.
What is Simplified Employee Pension?
IRA holders can do an unlimited number of direct transfers or direct rollovers. Indirect rollovers are limited to 1 per ___-month period and have ___ calendar days to return the funds to an IRA.
What is 12 and 60?
2023 contribution limit for Traditional/Roth IRA for someone less than 50 years old
What is $6,500?
IRS early withdrawal penalty.
What is 10%?
Roth IRA: IRS penalty-free withdrawal after age 59½, as long as the money has been in the account for ___ years.
What is 5?
_____ allows you to “unconvert” a Roth IRA, returning it to a Traditional IRA without IRS penalties. This follows the same process as a conversion, however can only happen once per calendar year.
What is Recharacterization?
Your IRAs are federally insured by the National Credit Union Administration (NCUA) for up to $250,000 for combined balances in your Navy Federal Traditional, SEP and Roth IRA plans. This coverage is _____ from your other Navy Federal accounts.
What is separate?
Contributions that exceed the maximum annual limit may be subject to a ___ IRS excess contribution penalty and applicable income tax and interest.
What is 6%?