IRAs
What type of IRA allows Deductible contributions?
Traditional/Rollover IRA
What does a client generally pay to take money out of a Traditional IRA?
Taxes
What is the cash position that all brokerage accounts have?
Settlement Fund
What is the current starting age for taking an RMD?
73
What type of IRA has no income limit to make a contribution?
Traditional
What type of IRA only allows Non-deductible Contributions?
Roth IRA
What are the three different ways a client can take a distribution?
Check, Bank Transfer, Exchange
A sale of a security would show as what in a client's account?
Credit
A distribution from a client's IRA made to a charity is called a what?
QCD
What type of IRA has limits on the contribution amount based on the client's MAGI?
Roth IRA
What are the two main qualifiers that allow someone to withdraw anything from a Roth IRA tax and penalty free?
Age 59.5 and 5 year account history
How many days does a client have to return the funds from an indirect rollover?
60 calendar days
What is the timeframe for most transactions to settle in a client's account?
T+1
What are the two factors used to calculate an RMD amount?
YEB and LEF
What is the one exception to making an IRA contribution without personal earned income?
Spousal IRA contributions
What can I always withdraw from my Roth IRA without taxes or penalties?
Contributions
What are the two tax forms a client receives from Vanguard that shows them taking money out and putting money into an IRA?
1099-R and 5498
What is the name of the restriction applied to new account purchases for the first 365 days after an account is opened that will restrict withdrawals in the account for 60 days?
Redemption Destination
What was the penalty for missing an RMD before 2023?
50%
What are the three factors that determine the deductibility of a Traditional IRA contribution?
Employer Plan Status, Filing Status, and MAGI
What is it called when a client has BOTH pre-tax and post-tax money in their Traditional IRA?
Commingled Assets/Pro-Rata
What is the tax form that clients fill out for reporting nondeductible contributions to a Traditional IRA?
8606
Which state has a minimum tax withholding of 10% of the federal withholding for VBA IRA distribution?
California
The FIRM rule states that a client must do what?
Take any required distributions out of a retirement account before anything else (First Is Required Minimum).
Which retirement account has no tax reporting done by us?
VRIP