Rules & Regulations of the Game
This is the deadline to process a Recharacterization.
What is the client's tax filing deadline, plus 6 moth extension? (commonly considered October 15th of the year following)
A client has made too much this year, and their MAGI has made them ineligible to contribute directly to their Roth. They wish to have their contribution returned to them by moving the amount in cash from the Roth IRA to their Single account.
What is an Excess Removal?
This WEB ID provides the options available to process an Excess Removal.
What is WEB047037? (How to remove an excess contribution)
This tax form is generated by a financial institution and shows money leaving an IRA for both an Excess Removal and a Recharacterization.
What is the 1099-r?
This athlete won their 7th title after moving to Tampa Bay in 2020.
Who is Tom Brady?
These types of transactions may result in a client needing to complete an Excess Removal.
What are, Contributions, Conversions, Rollovers, and Transfers?
The client has made too much to claim a tax deduction for a contribution they made to their Traditional IRA, and wishes to "reclassify" the amount to their Roth IRA.
What is a Recharacterization?
This WEB ID contains the steps to process a Recharacterization?
What is WEB047048? (how to process a recharacterization)
This tax form is used to claim any penalty associates with an Excess Removal completed after a client's tax filling deadline, plus extension.
What is the 5329?
This historic franchise won the NBA Championship in the "bubble" year of 2020.
Who are the LA Lakers?
This type of Mandatory Withdrawal may result in a client needing to Process an excess Roth Conversion.
What is an RMD?
A client, age 24, has contributed $7,000 to both their Traditional and Roth IRAs for the Year 2024.
What is an Excess Contribution Removal for $7,000?
This WEB ID can help you or a branch determine what a client's options are when they have made too much money to contribute for a specific year.
What is WEB5084136? (Determine the Process for an IRA Excess, Recharacterization or Conversion)
What are the Earnings?
This artist topped the Billboard 200 and the Billboard Top Country Albums early this year with their first Country Music Album "Cowboy Carter."
Who is Beyonce?
A client is subject to a penalty of this amount if they process an Excess Removal, after their tax filing deadline plus 6th month extension, or a carry forward.
What is a 6% penalty for every year the account remained in excess?
This reportable, but never taxable movement allows money to move from Roth to Traditional IRA.
What is a Recharacterization?
This WEB ID contains links to help process an Excess or Rechar, as well as, links for the deadlines, taxation and reporting requirements, and Client Materials available to a branch.
What is WEB047302? (Excess and Recharacterization Main Page)
This document is generated by a client, with help from their CPA, to tell the IRS what took place during an Excess Removal or Recharacterization, and would include information like why the amount of box 1 on their 1099-r is less than the original contribution reported on their 5498.
What is a letter of explanation?
This quarterback of the Baltimore Ravens has won two NFL MVP awards since 2019.
Who is Lamar Jackson?
What are Traditional and Roth?
This movement allows a client to move their contribution from their Roth IRA into their Traditional IRA, and then immediately move the money back to their Roth IRA.
What is a recharacterization with immediate conversion back? (Considered a backdoor Roth contribution)
This WEB ID compares the differences between an Excess Removal and a Recharacterization on a table.
What is WEB164670? (Comparing IRA Excess and Rechar)
This is what Earnings are calculated on, when a client completes an Excess Removal or Recharacterization.
What is the entire performance of the account, not the individual assets purchased with the original deposit?
This 2020 Christopher Nolan film, starring John David Washington and Robert Pattinson, depicts a time traveling special agent, and is considered to be a box office flop due to its unfortunate release date in the fall of 2020.
What is Tenet?