Terminology
What does YTD stand for
Year-to-date distribution
Yes, anything until 2019. Nothing after
What tax form does a client need to use when they have after-tax money in their pre-tax IRA
8606
A client was born in 1948, when does their RMD begin?
70.5
70.5
What does YEB stand for
Year-end balance
What account type cannot be enrolled in calculate and distribute?
i401k's can only be under calculate only
What tax form does a client use when they miss their RMD?
5329
2.0
What colors are on the South Africa Flag
Blue, White, Yellow, Green, Red, Black
What does LEF stand for
Life Expectancy Factor
If a distribution is pending how should we adjust the RMD service? What if the distribution has settled?
JTT and cancel and re-establish
What tax form reports a QCD? If a client wants to know why it is reported that way what do we tell them?
1099-R. Explain to the client that VG does not track what is taxable vs nontaxable on IRA's, also that VG does not determine if the charity the check was set to is qualified per IRS guidelines
When does a client use table II of the LEF?
When a spouse is more than 10 years younger and the sole beneficiaries of their IRA's
Based on table 1 what is the LEF for a client who is 55
31.6
What does RBD stand for
Required beginning date
If a client wants to know why we used a specific LEF for their calculation where can you direct them to review LEF information
IRS publication 590-B
What code does a late distribution get on the 1099-R
7. It is coded just like a normal distribution
How often does a client receive a confirmation on their RMD service?
Annually at the beginning of the year and whenever there are changes to the service
What country has a unicorn as their national animal?
Scotland
What does FIRM stand form
First is Required Minimum
What are the differents between the TA and VBA RMD service
TA allowed automatic exchange service, it offerend a "skip month," distribution could be any day of the month, sweep account must be funded to set up a "from" RMD distribution. On VBAs its either check,bank or nonretirement VBA settlement fund, skip month is not offered, can only distribute from the 5th-25th of the month and the settlement fund does not need to funded to set up a "from" rmd distribution
What questions do you ask when trying to determine if a missed RMD was a VG error?
Did VG receive a good order request from the client before the RMD deadline, but is was not processed? Did the client know that the RMD would not process, but they did nothing to request a distribution before year-end?
How do you adjust the YEB in an existing RMD service?
RMD page, click on the "cancel RMD service link to cancel the existing service and then follow the adjustment process outlined above as you are setting up the new RMD service
What president was a licensed bartender?
Abraham Lincoln