General
2 different categories of accounts
Retail and Retirement
Deadline for Participant Contributions
April 15th of the following year
92-0790
What does TOD stand mean?
Transfer on Death
Main ways money can move?
ACHs
Checks
Fedwires
Journals
What does IBD stand for?
Introducing Broker Dealer
For Simples, What must be done within 30 days from withholding from payroll?
Employee Deferral Contribution
What do you do if the Tax form is marked for one time in the frequency section?
Send email template & Reject
What document is used to confirm who can sign on a trust?
Trustee Certification of Investment Powers (TCIP) form (92-0155)
What does deposit mean?
Money coming into the NMIS Account
What does OCQP stand for-give me an example
OCQP (Outside custodial qualified plans): 401K, Cash Balance Plan, Defined Benefit plans, Profit Sharing Plan,
What is the SEP Contribution limit for 2025?
70k or 25% of employee's compensation, whichever is lesser
What states have state specific forms?
MN, MI, CT, OK
Age of Termination for 529?
None
What is an ACH?
Electronic transfer of funds using the Automated Clearing House system between a client's bank account and NMIS
Can only be initiated through a standing instruction link as ACH instructions create a bidirectional link between accounts
What is the difference between Advisory and Brokerage accounts?
Advisory = trading managed by home office/Field office
Brokerage = trading is directed by the client
What does it mean if there is an aggregated limit? How does this apply for our team?
Limit across SSN for all Traditional, Roth IRAs & sometimes SEPs
What is the time frame for SI Tax that were withdrawn in error to be reestablished?
Standing instructions withdrawn in error can be re-established within 30 days from the date they were withdrawn.
What are the income limits for contributions to an UTMA?
None - anyone who is gifting money to the minor needs to know their gifting limits (talk to tax pro)
Daily Limit on ACH Deposits?
$1,500,000 daily for investments (effective 5/16/22) / Subject to IRA contribution limits for IRAs
Clearing firm that NMIS Partners with to handle the execution, clearance and settlement of transactions
What is Provision 601?
Allows Roth contributions to be made to SEP and SIMPLE IRAs
What is NM's responsibility to our clients on IRAS?
As NMIS is the custodian for the IRA accounts, we are responsible for reporting what was distributed from the account and what taxes were withheld (sent) for either federal or state taxes for the client.
Can one state’s UGMA/UTMA account be comingled with another state’s UGMA/UTMA?
assets from one state’s UGMA/UTMA account cannot be comingled with another state’s UGMA/UTMA account for the same beneficiary
What is the settlement times for Fed Wires and ACH?
ACH 3-5 Business days
fed wires- generally same day