General IRA Info
What is the deadline to make a prior year contribution?
Tax filing Deadline
Which IRA gives you a tax break later?
Roth IRA
List 3 reasons someone may get an exception to the Early Distribution Penalty Tax?
Three Correct Reasons
Funds are moving from an IRA to an IRA of the same type and the member is not taking ownership of the funds. What type of transaction is this?
Transfer or Direct Transfer.
Funds are moving from an ESRP to an IRA and the member is not taking ownership of the funds. What type of transaction is this?
Direct Rollover
If someone receives an extension to file their taxes, does that also extend the prior year contribution deadline?
No.
Which IRA gives you a tax break now?
Traditional IRA
No.
Funds are moving from an IRA to an IRA of the same type and the member is taking ownership of the funds. What type of transaction is this?
Rollover
If a member is doing a rollover, how long do they have to put the funds back in their IRA?
60 Days.
Why do we omit spousal signatures on our IRA paperwork?
Florida is not a Spousal State for IRAs
What is a Tax Advantage of a Roth IRA
Tax-Free Earnings (If Tests are met)
What type of IRA Requires an RMD and what age does that happen?
Traditional - 72
Funds are moving from an ESRP to an IRA and the member is taking ownership of the funds. What type of transaction is this?
Indirect Rollover
What is the regular contribution limit for someone age 50 and and above for 2022?
$7,000
What is a Tax Advantage of a Traditional IRA?
Tax Deductions (Possible)
Which portion of the Roth IRA funds is 100% taxable unless the criteria for qualified distributions are met?
The Earnings Portion
Funds are being tmoved from an ESRP to an IRA, Member has possession of the funds to complete the transfer?
Indirect Rollover
How should a check be made payable in a Direct Rollover?
Community First FBO Member
What happens to the funds from an IRA if the owner passes away and there is not a beneficiary listed?
It goes directly to their estate.
What are the mutual tax advantages for Roth and Traditional IRAs?
Tax-Deferred Earnings
Tax Credit (possible)
What type of transfer can only be completed once in a 12 month span?
Rollover
20%
What do we complete through the IRA Site if the member does not have funds in a transfer transaction?
Direct Transfer Instructions Request