Fees
What is the annual fee for client's on Friends and Family?
$65 annually
What link does the client use to set up their security questions on the client portal?
First time user link
What are the 7 types of accounts?
Traditional
ROTH
SEP
SIMPLE
SOLO 401K
HSA
ESA
What is the split vesting?
Quest Trust Company FBO (first and last name) IRA # (account number) as to an undivided interest of __ %
What is Quincy's first name?
Herbert
What fees can be split for a split transaction and how are they split?
$125 Purchase Fee
$30 Wire Fee
$5 ACH/Check Fee
They are split evenly amongst investors
What are four things needed to establish an IRA?
1. $100 account opening fee
2. Adoption Agreement
3. Fee schedule
4. Valid Government ID
What is the SEP IRA contribution limit and deadline for 2021?
Up to 25% of income or $58,000
Tax Filing Day plus extensions
Please explain the Bob Solution.
The bob solution is a non-disqualified 3rd party inn which they can make a payment on behalf of the IRA and the IRA is able to reimburse the person, who is Bob.
Rollovers are reported to the IRS. What tax forms do clients receive and by when?
1099R- Sent by January 31st
5498- Sent by May 31st
When are quarterly fees assessed?
on the last business day of March, June, September, and December
1. No other health care coverage
2. Not enrolled in Medicare
3. Have a high deductible health plan coverage
4. Cannot be a dependent on someone else's tax return
What forms are needed to open a SIMPLE IRA?
What does the PPIL stand for and the purpose of it? What things does it show and who is it sent to?
It stands for Private Placement Instruction Letter. The Private Placement Instruction Letter outlines the rules and requirements for investing into Private Entities. It shows like vesting, address, ein, and how to handle income and distributions and a lot more information. It is sent to the company.
At what age do account holders have to start taking RMD's?
Once they reach the age of 72, they must begin taking RMD's
True or False? Quest charges fees for funds coming into the account
False
Name three differences between Transfer & Rollover.
Transfers:
1. Between like accounts
2. Multiple in a year
3. Initiated by receiving custodian
4. Not reported to IRS
Rollovers:
1. Reported to IRS
2. Initiated by client
3. Between employer plans to IRA
4. Indirect- once per 12 month calendar rule applies (Direct you can do multiple in a year)
What is the proper vesting for a Solo 401K?
[401(k) Plan Name], [Trustee's Name], Trustee
What are the documents needed for purchasing a property through a real estate cash purchase?
Direction of Investment for Real Estate or Portal Submission, Purchase Contract, Warranty Deed, Settlement Statement or HUD, wiring instructions if applicable, and signed Read and Approved all documents by the client
What tax form is filed when an IRA account incurs UBIT?
Tax Form 990T
John Doe is making a purchase. He is sending funds via ACH and is on the Number Fee plan. What fees is he going to incur?
$350 Annual Asset Feee
$125 Purchase Fee
$5 ACH Fee
Name the nine community property states
Arizona
California
Idaho
Louisiana
Nevada
New Mexico
Texas
Washington
Wisconsin
Which account(s) can both an employer and employee contribute to?
Simple IRA and Solo 401k's
Why can't client submit paperwork with their own personal information for an investment? What should it be?
Because we view the IRA as being the investor, not the individual being the investor. They should put the Quest vesting name (QTC FBO etc), EIN (say it), and address (say it)
Sign: Direction of Investment, Direction to Sell, Disposition of Asset, Payment Authorization Letter (PAL)
Not Sign: Distribution, Fee Schedule, Transfer/Rollover Forms