Rules & Regulations of the Game
This is the dollar limit allowed to be converted from a Traditionally IRA during a calendar year.
What is unlimited/no limit?
This system is used to complete a Roth Conversion of Cash and/or assets from a Select Traditional IRA to a GS Fund Roth IRA.
What is Banking and AM Center?
This tax form is generated by the financial institution and is generated for the delivering account involved in a Roth Conversion.
What is the 1099-r?
This transaction makes up the first part of a Backdoor Strategy.
What is a Contribution? (Commonly to a Traditional in a non-deductible manner)
This Hip Hop artist was nominated for Album of the Year at the 2013 Grammy's for his second album titled "good kid, m.A.A.d city."
Who is Kendrick Lamar?
This is the deadline to complete a Roth conversion and claim it as a current year Conversion.
What is Year End? (Last business day of the year)
This is when a signature is required in order to process a Conversion completed in Banking and Asset Movement Center.
When is never?
This tax form is generated by a Financial firm and reports the amount received into the Roth IRA following a Roth Conversion.
What is the 5498?
These types of assets must be tracked by a client, because the IRS looks at a client's whole SSN when determining the taxability of a Roth Conversion.
What is Pre-tax and After-tax dollars/assets? (also willing to accept Comingled)
This actor won is first Oscar for his starring role in the 2016 thriller, "The Revenant."
Who is Leonardo Decaprio?
These types of accounts allow a client to convert money into a Roth IRA.
What are Traditional, SEP, and SIMPLE IRAs? (SIMPLE has to have met 2 year funding period prior to conversion)
This value is used when completing a Roth conversion in-kind.
What is Share Quantity Only?
This tax form is generated by the client when completing their annual tax filing, and calculates the taxable amount of a Roth conversion.
What is the 8606?
This value found in a Traditional, SEP, or SIMPLE IRA is always considered Tax Deferred/Pre-tax.
What are Earnings?
The 2010 TV event dubbed "The Decision," saw this professional Athlete "Take his talents to South Beach."
Who is Lebron James?
This type of mandatory withdrawal needs to be completed prior to processing a Roth Conversion.
What is an RMD?
A client is (blank) to choose what portion of their pre-tax and non-deductible contributions are moving when completing a Roth Conversion with comingled funds.
What is ineligible/not allowed/unable?
This type of contribution is not taxed when converted from Traditional to Roth.
What is Post-Tax (After-tax/Non-Deductible)
This formula is used by a client and their CPA to calculate the taxable and non-taxable amounts included in a Conversion when a client has Comingled Assets.
What is the Pro-Rata?
This artist's 2011 album titled "21" won 7 Grammys in 2012, including Album of the Year, Record of the Year, and Song of the Year.
Who is Adele?
These benefits may be negatively impacted by a Roth Conversion, and should be heavily considered when completing a Roth Conversion for a client in Retirement.
What are Social Security and Medicare Benefits?
This process is used when converting the entire balance of an IRA by changing the account from Traditional to Roth; keeping the same account number and program type.
What is the MAKEROTH Process?
This is the term used to describe a mixture of pre and after-tax dollars present in a client's Traditional, SEP, SIMPLE IRA pool of money.
What are "Comingled" Funds.
This program type is commonly used to receive the contribution involved in the Backdoor Roth Strategy.
What is the Transitional IRA?
This late night talk show host famously "lost" his starring role on the Tonight Show when Jay Leno returned to NBC in 2010, taking back the show he had given up just a year before.
Who is Conan O'Brien?