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?
(not to include 59 1/2, Death, Disability, or First Time Home Buying)
3 Correct Exceptions
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 (possible)
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
Does that Regular Contribution limit ever change?
Yes. The IRS determines the limit.
What percentage of taxes will be taken on RMD amounts that have not been distributed?
50%
5 year period
Qualified Reason
Are IRA Certificate transactions reported to the IRS?
DAILY DOUBLE!!
What is this transaction classified as?
No
DD: Internal Transfer
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
What portion of funds in a Roth IRA are 100% taxable unless the criteria for "Qualified Distribution" have been met?
The Earnings
20%
What do we complete through the IRA Site if the member does not have funds in a transfer transaction?
Direct Transfer Instructions Request