IRA
You must have this in order to be considered eligible to contribute to an IRA.
What is earned income?
This page on the website lists all accounts, account balances, and the investments held inside those accounts.
What is the Balances and Holdings page?
Your year-end account balance is divided by this to determine your required minimum distribution.
What is the Life Expectancy Factor (LEF)?
The original account owner is referred to as this.
What is the Benefactor?
This character says "One does not simply walk into Mordor" during the Council of Elrond.
Who is Boromir?
$7,000.00
What is the maximum amount that a client, who is under age 50, may contribute to an IRA for tax year 2024?
This includes the following phrase: "All or a portion of your distribution may be subject to federal and state tax."
What is the Tax Withholding Notice / Disclosure?
Federal income tax withheld from a distribution will be reported in this location on tax form 1099-R.
What is Box 4?
A decedent's spouse who is listed as sole primary beneficiary on the decedent's IRA has these options for how to handle the assets.
What is Assume, Inherit, or Disclaim?
Jules Winnfield often quotes this Bible passage before taking out his targets.
What is Ezekiel 25:17?
$230,000.00
What is the maximum MAGI limit, for a client who is married filing jointly, under which they may make full Roth contributions for tax year 2024?
Send me a check payable to a charity.
What is the option that needs to be selected within the sell/withdraw portal, under the "Where's the money going?" section, in order to process a Qualified Charitable Distribution (QCD)?
75
What is the age that a client would begin taking Required Minimum Distributions from their Traditional IRA if they were born after December 31st, 1959?
MARY C SMITH
IRA VFTC AS CUSTODIAN
BENEF ROBERT B SMITH
What is an Inherited IRA account registration?
If you take this, you stay in wonderland, and you'll be shown how deep the rabbit hole goes.
What is the Red Pill?
A client may need to file this if they made a non-deductible contribution to their Traditional IRA?
What is tax form 8606?
This type of transaction populated with a TL Override screen, however you are able to input your own credentials to bypass it.
What is a Special Payee redemption/distribution?
50%, 25%, or 10%
What is the potential penalty for an RMD Shortfall / Missed RMD?
This type of Inherited IRA cannot utilize the RMD Service, even if the date of death was before 2020.
What is an Inherited-Inherited / Double-Inherited IRA.
This character is obsessed with his red Swingline stapler, and he eventually sets the office building on fire after it's taken from him.
Who is Milton?
This is our first response when a client asks if they're eligible to claim a full deduction on a Traditional IRA contribution.
What is "talk to a tax pro"?
This page on the website lists all contributions and distributions made year-to-date, without having to sift through the account's transaction history.
What is the Retirement Summary page?
This may be necessary if a 75 year old client rolled their Traditional IRA from another institution to us back in January, and they haven't taken any IRA distributions this year.
What is a Year-End Balance (YEB) adjustment?
This intake form should be utilized when the date of death is before 2020, there were multiple beneficiaries, and there's no YEB on file because the assets did not move over until the current year.
What is an Administrator Work Request (AWR)?
Chihiro's parents are transformed into these animals after they eat food that was meant for the spirits.
What are pigs?