Account Types
Any person with earned income can open this type of IRA.
What is Traditional?
Contributions into an IRA account will generate this type of tax form.
What is 5498?
Maximum contribution for a person 45 years old in 2023, to a Traditional IRA.
What is 6500?
Taking a distribution at 36 years old from your IRA account may result in a ______ penalty.
What is 10%?
What is 2023 catch up contribution for a person that is 55 years old.
What is 7500.00?
No contributions can be made into this type of IRA or rollovers out of or into other IRA types.
What is Inherited/Beneficiary IRA
Another name for the optional federal tax we withhold from IRA distributions is
What is TEFRA?
This is the age a shareholder can begin to make catch-up contributions to a IRA.
What is 50?
This is the age the early withdrawal penalty no longer applies for a Traditional IRA.
What is 59.5?
If a 30-year-old shareholder takes a non-qualified distribution from a Roth IRA, they may be required to pay
What is an additional 10% early withdrawal tax on earnings?
Employers who are considered tax-exempt organizations or deductions institutions under section 501(C)(3) of IRC can establish a __________.
What is 403b plan?
A shareholder, who is not yet 59 ½, takes a distribution from their IRA, this is the early withdrawal penalty that might occur.
What is 10%?
How long can SHs contribute to a traditional IRA?
What is as long as they have earned income?
For SIMPLE IRA’s there is a _________ holding period for distributions or a higher tax penalty will apply.
What is 2 year?
One of the benefits of owning a _______ IRA is that contributions can be withdrawn tax and penalty free at any time.
What is Roth?
What type of an account would an employee (including a self-employed individual who received earned income) who:
Earned at least $5,000 in compensation during any 2 years before the current calendar year and
Expects to receive at least $5,000 during the current calendar year
Open with the employer.
What is Simple IRA?
A shareholder has redeemed money from their IRA. This distribution will be reported on this tax form.
What is 1099-R?
Contributions for more than the amount allowed is called.
What is Excess Contributions?
A shareholder can take a distribution from a traditional IRA and then roll it over tax and penalty free within
What is 60 Days?
Beneficiaries of IRAs who do not fall into an exception category must now distribute the inherited IRA by
What is 10 years following the owners death?
Qualified withdrawals of earnings are tax and penalty free on this type of an account if:
Your initial contribution was made 5 years ago and:
You are 59 ½
What is Roth IRA?
Failure to take your 2023 RMD, may result in a penalty of up to _____ on any amount that should have been withdrawn but wasn’t.
What is 25%?
Rollover occurs when a s/h takes a distribution from their IRA or other retirement plan and deposits all or part of the funds into another IRA. Only 1 rollover is permitted per ___________ period.
What is 12 month?
Normal or Qualified Distributions from a Traditional IRA can be taken after the age 59 ½ without federal penalty. They are still taxable as?
What is regular income?
A Roth IRA owner who removes an excess contribution, including any earnings made, from their Roth IRA prior to their tax filing deadline, including extension, will be assessed which penalty by the IRS?
What is no penalty?