ROTH
Traditional
Rollovers
Transfers
Hodgepodge
100
Pre-Tax or Post Tax?
Post Tax
100
Pre Tax or Post Tax?
Pre Tax
100
Is this a movement of money or is this new money contribution?
Movement of money from one qualified plan or IRA to another.
100
Is this a movement of money or is this new money contribution?
Movement of money, IRA-IRA
100
It's okay to give advice to the member concerning their IRA's. Like: which IRA would be better for them.
No they need to talk with a tax advisor.
200
Tax Deductible or Not Tax Deductible?
Not Tax Deductible
200
Tax Deductible or Not Tax Deductible?
May be Tax Deductible. Cannot Say it is for sure, they need to speak with a tax advisor.
200
Check made payable to whom?
Can be to the member or the member is writing a check from their account or cash.
200
Check is made payable to whom?
To the credit union (FBO) For Benefit of the Member.
200
Can a member do a transfer if they are over 70 1/2 on a Traditional IRA?
Yes they can it is just a movement of funds no a contribution.
300
Age Limit or No Age Limit?
No Age Limit
300
Age Limit or No Age Limit?
Age Limit is 70 1/2.
300
Is the transaction report to the IRS?
Yes
300
Is the transaction reported to the IRS?
No
300
What is a 1099R Form?
It is a tax form which is sent to the IRS that reports IRA Distributions and Tax withheld. It is sent to the IRS and the member by Jan. 31st.
400
Do you need Earned Income?
Yes you do.
400
Do you need Earned Income?
Yes you do.
400
Is there a limit to how many I can do in a year?
Maximum of one distribution per 12 months per IRA.
400
Is there a limit to how many I can do in a year?
There is no limit.
400
What is a 5498 Form?
It is a tax form which is sent to the IRS and reports Contributions, Fair Market Value, and RMD if person is 70 1/2 plus.
500
What are the requirements for withdrawals to be tax and penalty free?
Five year waiting period and 59 1/2 or Death or Disability or First Time Home Buyer.
500
What age can you withdrawal without a government penalty?
59 1/2
500
Is there a Rule of when the funds need to be deposited back into the IRA?
No rule.
500
What does Fair Market Value mean?
Is is the value of the IRA on December 31st of pervious year.
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