IRA Basics
What kind of income must you have to contribute to an IRA
What is Earned Income
What type of IRA is typically contributed to first in the Backdoor Roth process?
What is a Traditional IRA
A strategy of cyber criminals that tricks their victims into giving personal information via fake texts, emails, or messages
What is phishing.
Name 3 companies that belong to the magnificent 7
apple, nvidia, microsoft, netflix, meta, tesla, alphabet(google)
Which generation is most heavily influenced by social media and Peers when making investment decisions
Gen Z
What age must RMD's begin from a traditional IRA
73
After contributing to a Traditional IRA for a Backdoor Roth, what must you do next?
What is convert the funds to a Roth IRA?
What tool helps manage and generate strong, unique passwords for multiple accounts?
What is a password manager?
An account that OakWood often establishes for it's clients that contain CD's, T Bills, Money Markets, but does not typically contains stock and bond Mutual Funds.
What is cash managment?
List these generations in the order they were born.
Boomers, gen z, Gen xers, millenials
Generation Birth Years
Baby Boomers 1946 – 1964
Generation X 1965 – 1980
Millennials 1981 – 1996
Generation Z 1997 – 2012
If a non spouse inherits an IRA How much can they contribute to this IRA each year?
0
What is the IRS "pro rata rule" in relation to Backdoor Roths?
What is it requires you to consider all Traditional IRA balances when calculating the taxable portion of a conversion?
Why should you avoid using public Wi-Fi for sensitive transactions?
What is because it can be insecure and prone to interception?
Transferring money from an annuity to another annuity is know as a section ______ exchange.
What is 1035
This generation is often called the "sandwich generation". Because they often find themselves caring for parents and children.
What is generation X.
How many years do most non spouse beneficiaries have to do withdrawal funds from an inherited IRA
What is the account must be fully distributed within 10 years.
What happens if you make a Traditional IRA contribution and wait too long to convert it to Roth?
What is you may owe taxes on investment gains?
What does VPN stand for?
What is a Virtual Private Network
A non profit/university/public school offers this type of plan. It is like a 401(k)
What is a 403(b)
Name 2 software programs we use at OakWood to help our clients make decisions about retirement, tax and income.
Money guide pro
Income Lab
Holistaplan
What happens if an individual contributes to a Roth IRA but exceeds the income limits?
What is they must remove the excess contribution and any earnings or face a 6% penalty each year the excess remains?
If a client converts a Traditional IRA to a Roth IRA and later sells a stock mutual fund inside the Roth IRA to buy a bond mutual fund, what are the tax consequences of that sale and purchase?
What is there is no taxes as a Roth is tax deferred/exempt
What is malicious software that encrypts files and demands payment to restore access?
What is Ransomware?
What is the term for the value of the next best alternative you give up when making a decision?
opportunity cost
Which generation is projected to transfer the largest amount of wealth in U.S. history over the next two decades?
What is Baby Boomers.