Rules & Regulations of the Game
This number is that allowed transaction limit for completing an IRA to IRA Rollover.
What is 1 per SSN per rolling 12 months?
Client Jonathon is 56 years old, and takes a distribution from their Traditional IRA, and is curious if they are over the age to waive the IRS Early Withdrawal Penalty.
What is; No they are not? The Early Withdrawal Penalty Waiver begins at age 59 1/2
This system/process is used to process a 60-Day rollover when a client returns the funds from a prior cash-only distribution in the form of a Paper Check.
What is ADDCASH/Banking and AM Center Check Deposit?
This tax form is used to report the Distribution/Withdrawal side of a 60-Day Rollover.
What is the 1099-R?
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What is the NFL?
This rule states that a client must return identical assets originally distributed to an IRA for a rollover to be eligible.
What is the Same Property Rule?
Branch 9979 has called asking if they need to create a DOC ID in the Propose & Document System every time they process a 60-Day Rollover for their client Timothy.
What is; Yes, A Doc ID is required to be created before every IRA-to-IRA Rollover processed/deposited in ADDCASH?
This step must be completed prior to processing/depositing a 60-Day Rollover.
What is create a Documentation ID/Propose & Document?
This tax form is generated by the receiving institution involved in a 60-Day Rollover, and is not necessary for a client's tax filling.
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Who is Taylor Swift?
An IRA Rollover can be received into either of the following IRA account.
What is the Same/Originating IRA or a Similarly Registered One? (SEP to Trad, Trad to SEP, SIMPLE to SEP) **Two year funding period must be met for SIMPLE IRA**
Branch 9979 is curious if their client can complete a 60-Day Rollover for a distribution that they took from their Traditional IRA at Fidelity, into their SIMPLE IRA here at Edward Jones.
What is: Yes, as long as the SIMPLE has been funded for at least 2 years prior to receiving the 60-Day Rollover?
A Rollover Summary is created for every Propose & Document ID, but is only required to be signed by the client in this situation.
What is when the distribution was taken at an outside firm? (Rollover Summaries need to be signed in the scenario within 30 days of the deposit/processing of the Rollover.)
What is the 1040?
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Who is OutKast?
This is the timeframe in which assets must be returned to an IRA following a distribution to be considered for an eligible rollover.
Client Betty Sue has taken a distribution from their Traditional IRA at Fidelity and would like to return the funds to their Edward Jones SEP IRA. The branch is curious if a Statement from Fidelity needs to be supplied in order to document the rollover in Propose & Document
What is: No a Statement is not required because Betty Sue has already taken the distribution?
What is False? The branch team creates the document and scans it into their client's Client Docs (following the receipt of the signed form from the client) in order for Retirement Operations to process the transaction on behalf of the client and branch team.
This line of a client's 1040 shows the total/gross amount of distributions they received from a Retirement Account during the previous calendar year.
What is Line 4A?
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What is a Pelican?
This is the only exception for when Inherited IRA assets may be rolled over.
What is the Spousal IRA Rule? (Spouse can compete a rollover from an Inherited IRA to their OWN IRA (non-inherited), Never back into the Inherited IRA)
Client Jo Anne has taken a distribution from their Inherited IRA, left by their late husband, and is wondering if a 60-Day Rollover can be completed with the distribution taken.
What is; Yes? Jo Anne can complete a 60-Day Rollover to their OWN IRA (non-inherited) since they are the surviving spouse of the original owner/decedent.
This status will display on the Propose & Document Screen whenever a client has deposited/processed a 60-Day Rollover, using the Documentation ID created for that specific transaction, signifying it has been used.
What is the "Completed Status?"
This line of a client's 1040 shows the total amount of all distributions they have received from a Retirement Account they actually have to claim taxes on.
What is 4B?
This popular actor is known for his roles spanning multiple decades and can be seen teaching "Willard" how to dance in "Footloose," getting punched by Ryan Gosling in "Crazy, Stupid, Love," or prosecuting two Marines "Few Good Men."
Who is Kevin Bacon?