Tax 1
Yes or No. Will there be 1099-R for a non-retirement account?
No.
Source: WMA 59271 - Tax Center
Professionals may read tax document figures over the phone. But, if client has additional questions about the tax doc, what do we need to do?
The client should be referred to a qualified tax advisor
Source: WMA 50556
What is the working hours of ID - Affluent?
Monday through Friday 9AM - 6PM ET.
Resource: WMA 49844 – Account Restriction - Remote Advice (CO45)
Yes or No. Can rollover deposits be performed via Chase.com?
No. Rollover deposits cannot be performed via chase.com or ACH
Resource: WMA 49827
True or False. Completion date of Indirect Rollover is date the funds are posted to the account.
True. Completion date of rollover is date the funds are POSTED to the account.
Resource: WMA 49827 - IRA - 60-Day Rollover
What is the expected mailing date for 5498 tax doc?
05/26/23
Source: WMA 50384
Tax document delivering dates are located on the CWM Home Page >> Tax Center >> Tax Document Delivery Dates
What is the time frame/ SLA for mailing tax docs?
If client will be receiving a paper document, inform them they will likely receive the document 7-10 business days from the mailing date.
Source: WMA 50384 -
Tax Document Delivery Dates
Yes or No. If an internal employee silent send you a message: Hi, Hello or Are you there? Do you to have to read it back for the recording?
No. If branch employee sends the client's account number via Silent Send or via an email, the Professional must repeat the account number verbally for confirmation and for the recorded line.
Resource: WMA 51132 - CSC Call Verbiage
What should be the code on check deposit form for Direct Rollover?
ROLD
Resource: WMA 49840 - IRA - Transfer vs. Rollover
What should be the code on check deposit form for Indirect Rollover?
ROLL
Resource: WMA 49840 - IRA - Transfer vs. Rollover
What is a tax preparation software used to download and/or manually input tax information?
TurboTax - Chase Investments does not support any other tax software program.
Source: WMA 50580
What is the IRS deadline for brokerage firms to mail 1099 forms?
02/28/2023
Source: Daily Rundown or WMA 59271 - Tax Center
What do you need to do when a banker with client on the branch is requesting for a tax statement copy?
For calls from branch employees with the client in branch, Professional should request to speak with the client
Where can we check if there’s an attestation submitted for direct/indirect rollover?
Canvas> Retirement Center> Funding Window Status
Resource: WMA 50534 - Retirement Center
When is 60-day period begins?
60 day period begins the date the client receives the funds
Resource: WMA 49827 - IRA - 60-Day Rollover
True or False.
1099 tax documents can be corrected due to:
False.
1099 tax documents can be corrected due to:
Source: WMA 50818 -
Tax Form 1099 Corrections
When is the contribution deadline for Trad and Roth IRA to make prior year contribution?
Typically April 15, current year, to make prior year contribution.
Source: WMA 49828 - IRA - Contributions
Yes or No. In handling operator relay call, can client give verbal permission for friend / family member to interpret for them?
Yes. If client would like friend / family member to interpret: Client must give verbal permission for friend / family member to interpret for them.
Remember: Provide third-party disclosure to caller and third party who plans to join the call.
Resource: JPMWM 89500 - USWM Service Center Americans with Disabilities Act (ADA)
Provide at least 1 acceptable payee name for Direct Rollover check?
Provide at least 1 acceptable payee name for Indirect Rollover check?
If qualified/eligible, what is the IR path for submitting 1099 correction for Retirement account?
Retirement Services >> Tax Reporting
Source: WMA 50818 -
Tax Form 1099 Corrections
If qualified/eligible, what is the IR path for submitting 1099 correction for Non-Retirement account?
Source: WMA 50818 -
Tax Form 1099 Corrections
BONUS!!! Aside from BB scrubbing, what are the two things you need to submit by end of the week?
Transfer tracker and Long call tracker.
What do clients need to write in the check memo field for deposits for IRA rollover?
Write "Rollover" in the check memo field for deposits that are for an IRA rollover
Resources: WMA 51224 and 50659 -
Advisor / Licensed Banker Assisted Check Deposit
How frequent can client do 60-day rollover?
Only one IRA-to-IRA rollover is permitted per taxpayer during any 365 day period (one 60-day IRA-to-IRA rollover per rolling 12 months)
Resource: WMA 49827 - IRA - 60-Day Rollover