Contributions
This is the maximum number of times per year you can make a contribution to your IRA.
What is unlimited? (As long as you don't exceed annual contribution limits)
A Traditional IRA can transfer to these three types of IRAs that are in the same tax environment.
What are Traditional IRA, SEP IRA, and SIMPLE IRA?
This is the most common type of qualified plan that clients rollover to an IRA at Equity Trust.
What is a 401(k)?
The most common type of conversion moves funds from this tax environment to this tax environment.
What is tax-deferred (or pre-tax) to tax-free (or Roth)?
This form reports contributions to an IRA.
What is Form 5498?
This type of income is required to make an IRA contribution - examples include wages, salaries, tips, and bonuses.
What is earned income?
This party always initiates a transfer - the sending custodian or the receiving custodian.
What is the receiving custodian?
In a Direct Rollover, the check should be made payable to this entity, not the client personally.
What is "Equity Trust Company Custodian FBO [Client Name] [Account Type]"?
These four account types can be converted to a Roth IRA.
What are Traditional IRA, SEP IRA, SIMPLE IRA, and Solo 401(k)?
This form reports distributions from an IRA.
What is Form 1099-R?
Contributions must be made by this date to count for the previous tax year.
What is April 15th (or the tax filing deadline)?
True or False: Transfers generate tax reporting.
What is False?
In a indirect rollover, the client has this many days to return the funds to a retirement account to avoid taxes and penalties.
What is 60 days?
Roth conversions are this type of event for tax purposes.
What is a taxable event? (Taxes are owed in the year of conversion)
A check sent to Equity Trust for a contribution takes this many calendar days to settle before funds are available.
What is 7 calendar days?
These three payment methods are accepted by Equity Trust for contributions.
What are checks, wires, and ACHs?
This type of transfer includes precious metals like gold and silver, real estate, or private equity, and can take 2-4 weeks to complete.
What is an Alternative Asset Transfer?
A 60-day rollover can only be done this many times per taxpayer every 12 months
What is once (one time)?
A SIMPLE IRA has this waiting period before it can be converted to a Roth IRA.
What is 2 years?
A wire transfer sent to Equity Trust typically becomes available within this timeframe.
What is 1-2 days?
This type of income does NOT qualify for IRA contributions - name at least 3 examples.
hat is rental income, interest, dividends, deferred compensation, unemployment compensation, disability pay, alimony, or child support?
A Roth IRA can ONLY transfer to this type of account.
What is another Roth IRA? (Roth to Roth only)
These are the two tax forms generated in a Direct Rollover - one from the sending account and one from the receiving account.
What are Form 1099-R (from the qualified plan) and Form 5498 (from the IRA)?
This term describes when someone uses a conversion to fund a Roth IRA because they exceed the MAGI limits for direct Roth contributions.
What is a "Backdoor Roth" (or Backdoor Roth IRA)?
A full cash transfer processed through ACATS typically takes this many business days to complete.
What is 5-8 business days?