Who is ready to take calls on Traditional & Roth IRA's?
Contributions to this Retirement account may be tax-deductible.
Empower (1-877-EJD-401k)
Who can assist with Edward Jones 401k plans?
The penalty for early withdrawal on a Simple IRA if opened less than 2 years from date of first deferral.
What is 25% penalty?
By April 15th of the year following 2023, if a client files on time, the client would receive an automatic 6 month extension if they completed IRS form 4868 by tax filing deadline. Client will have till Oct 15th of the year following 2023
When is tax filing deadline for 2023 tax year?
50003 & 57146
Who do you call when you need assistance on Advance Retirement? or What is Tarra and Stacey extension? : 🤣
Age 50 and up
What is catch-up age?
Take your years of service plus your age
When can you retire from Edward Jones?
10% withholding
*Daily Double*
What is federal withholding default on Retirement accounts?
This form is generally used to report the following:
What is IRS form 8606?
Clients are not eligible to contribute, once funds come out, clients are not eligible to roll funds back in.
What is an inherited IRA?
Contributions are made After-tax
What is a Roth IRA?
5 years following the first designated contribution to the plan or a direct rollover from a former employer's plan.
Attained age 59.5.
Dies
Becomes disabled.
What are the qualifications for a Qualified Distribution from a Roth 401k or 403b?
Federal & State Withholding
What can be withheld from a distribution from a Retirement account?
Expenses must be for the client, client's spouse, client/spouse's children, or grandchildren.
Tuition, fees, books, supplies, and equipment required for the enrollment or attendance for a student at an eligible educational institution.
Room and board are also considered qualified education expenses if the individual is considered, at a minimum, a half-time student.
What Qualifies for Higher Education penalty exception?
193-5722
What is the Retirement Assist line Ext?
Requires an RMD each year based on the SLE Chart
What is a Stretch Option?
Client is eligible to take funds out their Traditional, Sep, Simple and Roth without a penalty
What is age 59.5?
Client who has only pre-tax dollars in all of their Retirement accounts.
What distribution is taxed at the individual's marginal income tax bracket?
When a client has processed a rollover, or a contribution, or a Roth conversion or if client is RMD age, they will receive this form around May of the year after the transactions have occurred or to show RMD amount for the new year and FMV of the account as of Dec 31st of the previous year.
What is IRS form 5498?
Tax withholding Guidelines & QCD Guidelines
What is Disbursements Service – Job Aids – Retirement Job Aids?
Command that is not always accurate, but branches are able to use as a guideline.
What is List Roth?
Client has both taxable and non-taxable basis to be distributed from their traditional, Sep, Simple IRA or a Roth conversion completed.
*Daily Double*
What are pro-rata distributions?
Through online account access, LOA, e-sign, mail, or fax
How can a client update their tax withholding?
CPA/Tax Preparer
Who can assist a client with all of their Tax questions?
$95 termination fee waived
What is April 1st, 2024?