IRA
This is what IRA stands for
What is Individual Retirement Account?
This what HSA stands for
What is Health Savings Account?
Moving funds from one account to another
What is a Transfer?
This is what RMD stand for
What is Required Minimum Distribution?
A person or entity that the owner of the accounts chooses to receive the benefits after their death
What is a beneficiary?
The type of accounts an IRA plan can be connected to
What is Savings or Certificate?
The purpose of an HSA
What is Saving for healthcare expenses?
The transaction to add a beneficiary
What is 2404?
A customer elects a certain percentage to be withheld from each distribution
What is Federal Withholding?
Should the beneficiary be attached to the account or the plan?
The plan.
Can you have more than one account attached to an IRA?
This is what the relationship for the account connected to the plan should be
What is SOL?
The transaction to link the beneficiary
A contribution where the person is depositing their own money
What is Participant Contribution?
Beneficiary of a beneficiary
This is what happens when you withdraw funds before retirement
What is Subject to penalties?
The Federal Withholding for an HSA
What is 0%?
Transaction to perform distribution in Miser
What is 1208?
A distribution from one retirement plan to another
What is a Rollover?
This is the Standard Federal Withholding amount
What is 10%?
The state withholding for an IRA
0%, we don't do that.
Type of contribution for an HSA other than participant
What is Employer Contribution?
Transaction code used to set up an automatic distribution
What is TF03?
When a customer is at least 59.5 when they make a withdrawal
What is Normal/qualified distribution?
This is how RMD is calculated
What is FMV divided by life expectancy?