CONTRIBUTIONS and DISTRIBUTIONS
The age that determines whether your distribution is normal or early
59.5
The type of beneficiary eligible to Assume an IRA?
Spouse
The formula to calculate an RMD.
YEB/LEF
The age someone may begin taking QCD's.
The age they must begin taking RMD's.
70.5
72
The number of colors in the rainbow.
7
The contribution limits for IRAs for Tax year 2023
The lesser of 100% of earned income OR
$6500 if below age 50
$7500 if age 50 or above
The process a surviving spouse must complete to assume an IRA after previously having inherited it. What key phrasing needs to be included?
Submit an LOI. Submit an account opening form (if necessary). "distribute and rollover"
The date upon which an individual must take their first RMD.
The date for subsequent years.
April 1st of year following the year in which they attain RMD age.
December 31st of each year
The amount of time that someone has to complete an indirect rollover and Vanguard's interpretation of when this time begins.
60 days.
Vanguard’s position on when the 60-day period begins: The trade date is considered “the day you receive the distribution” and is when the 60-day period starts.
The type of matter in which atoms are most tightly packed
Solids
The last date to make a contribution for a given tax year.
Tax day. Generally, April 15.
Which Life Expectancy Table would an Inherited IRA RMD use?
TABLE 1
The process to adjust RMD Distribution service for a settled transaction.
Cancel and Re-Establish
The name of the Intelledox form used to process a rollover from a Vanguard IRA to an Employer sponsored plan.
For VBA: Vanguard Brokerage Account IRA Distribution
For TA: Distribution from TA Vanguard IRA
The name of the actor who stole the declaration of Independance in the movie National Treasure
Nicholas Cage
Roth IRA Distribution Ordering Rules
Contributions - Taxable Conversions - Nontaxable Conversions - Earnings
Name each criterion that would qualify someone as an eligible designated beneficiary.
Surviving spouse
Minor child of IRA owner
Disabled or chronically ill individual
An individual who is not more than 10 years younger than the IRA owner
The name of the letter that may be requested when someone misses their RMD due to Vanguard error.
The requirements to request that letter.
Shortfall Letter
Research the error, Obtain TL approval, Submit Problem Case
The primary 4 tax forms that you need to be familiar with in Retirement and the purpose of each
1099R - Reports distributions
5498 - Reports contributions
8606 - Reports nondeductible contributions
5329 - Reports penalty situations
The famous US music festival hosted which over 350,000 fans in 1969
Woodstock
The tax forms generated for an asset transfer.
NONE
Client is one of 4 beneficiaries of a given IRA. The previous owner did not fully satisfy their RMD prior to passing. How are the 4 beneficiaries required to satisfy the original owner's final RMD?
However they want. The IRS has not issued any guidance on how this is to be handled.
The process to adjust RMD Distribution service for a pending, or in progress, transaction.
Journey Template Tool - BPM Templates - AWR - Fill Out Template - Copy Into BPM Case - Submit
The tax coding applied to QCDs on form 1099-R and why.
Code 7: Normal Distribution
Vanguard does not police whether the QCD actually went to a qualified organization.
The type of tree which produces acorns.
Oak Tree