Retirement Accounts
How long is the holding period for a SIMPLE IRA before it can be withdrawn or rolled over without penalty?
Two years
If a s/h wants to remove the financial advisor on the account and have it be held directly w/BLK instead, what form is used?
Change of Broker-Dealer Form
Whose SSN is used on a UGMA/UTMA account?
Minor's
How much is the limit for telephone redemptions by check?
$100,000
How are municipal bonds treated for tax purposes?
Exempt from federal tax, also exempt from state tax if you live in the issuing state
Why does Form 5498 come out on May 31st?
The s/h has until the tax filing deadline to contribute for the previous tax year
What document is needed when someone has been named to handle a deceased s/h's estate?
Letters Testamentary/Appointment of Personal Representative
How many signers must sign a written request on a JT TEN account?
All
Is there a prenote period with an AIP?
No, only for redemptions
What tax form is used for exchanges within an IRA?
None since not a taxable event
How long is the timeline for a rollover to be completed?
60 days
If a spouse is taking over their deceased husband's IRA, what form are we sending them?
IRA Spousal Beneficiary Claim Form
Can a Power of Attorney close an account after the s/h has passed away?
No
Can dividend/cap gain distributions be directed to a different fund?
yes
How long must Class C shares be held before they convert to Class A?
Eight years
What is a catch-up contribution?
Allows shareholders over age 50 to contribute up to an additional $1000 per year into their IRA
At what age does a Roth IRA s/h have to start taking money out per IRS rules?
No age limit
What happens to a UGMA/UTMA account if the minor is deceased?
Goes to the minor's estate
What is the fee for overnight mail requests?
$15
Where would a s/h find details about fees, sales charges, fund rules etc.?
Prospectus
when does the five-year holding period being on a Converted Roth IRA?
On the conversion date rather than the original account opening date
Can a beneficiary refuse/give up their share of an IRA?
Yes, assets can be disclaimed within nine months of DOD and if beneficiary has not started received distributions; must be done in writing and is irrevocable
What form is used to add beneficiaries to an individual or joint tenant account?
TOD Registration Form
How much is the limit for online trades?
$25,000
Can we set up bank instructions over the phone?
No