Types of requests
Client is requesting an IRA-to-IRA transfer. What is this considered and how to we code it?
It is considered a distribution and code would be based off client age.
If the client is requesting a net distribution, what system are you in and where are you looking to make the appropriate adjustment, if needed?
*Be detailed in response for points*
Using Client Central
Cashiering>>Amount>> Gross or Net and make the selection based on client request
Client is 32 and requesting a distribution from their IRA to their employer plan directly. What code will you use?
Code G would be used because the client is requesting a check paid directly to their employer plan.
Client requested funds to leave their Traditional IRA. What is this called?
IRA Distribution/ Funds distribution
What is the best department within Charles Schwab?
OPERATIONS!
Client took funds from their IRA and are now depositing them back into the acct on day 56. What type of request is the client making?
Client is requesting a 60-day rollover
What is required in the Write-in notes in Client Central when setting up a money movement?
My RD-XXXXXXXXX case is required
Client is 44 and requesting a SEP IRA distribution to pay for a car. What code are you going to use?
Code 1
Client is 29 and requesting a journal from their ESA to their best friends' ESA. Is this an acceptable movement? Why?
Per the IRS Publication 970 best friend isn't a qualifying family member to transfer assets to. Schwab would be able to assist a transfer to a qualifying member as long as client remains under 30 years & 30 days.
What does 32,100 represent?
This is how many employees work for Schwab
A client is requesting a journal from their Traditional IRA to their Roth IRA. What type of request is this considered?
This is considered a conversion request
What do I use if I am looking to process a distribution but unable to locate the steps needed?
ROSE!
Client filled out the RMD form and requesting a check to address on file. What code will you use?
Code 7-Normal
Client is requesting a 1X ML distribution from their ROTH IRA. The client is 60 and their first contribution was May 4, 2022. What code will you use for their distribution?
Code T just means Schwab isn't confirming the 5-year period from the initial contribution
Charles Schwab holds this tournament every year and gives discount tickets to employees. What is it?
Golf tournament! The Charles Schwab Challenge PGA tour
Client is request, a distribution from their Traditional IRA directly to their employer plan. What type of transfer request is this?
This would be a direct transfer request
I am a resource that includes what date would be for pending to a client.
One-Click!
Client is requesting a journal from their Traditional IRA to their Roth IRA for $6000. The client is 22 and requested 10% FED & 4% Sate taxes to be withheld. What would you do next?
We wouldn't code the conversion yet. First, we would want to PEND to the client and confirm they understand the IRS views any distribution, including TWE, as an early distribution if under 59.5 which can result in a potential early distribution penalty.
I have a client that submitted an IRA Distribution form with a check request to third-party payee to MakeAWish. The client is 73. What is the client looking to accomplish and what needed to be included in the check?
The client is requesting a QCD just on our regular IRA Dist form
The check would include:
Payee
Amnt
Address
Donor
What state was Charles Schwab founded in?
California
A client is requesting a distribution from their Roth IRA to their employer plan. What type of transfer is this?
Bouns: What resource can I check to know movement allowance
This request isn't permitted as ROTH IRA's aren't eligible accounts to roll into an employer plan.
IRS Rollover chart is the resource that can be used
If I need to verify a contribution, what system am I in and what function am I?
Client is requesting a distribution from their SIMPLE IRA to pay for their second new home. The client is 25 and made their 1st contribution as of July 22, 2024. What code are you going to use?
Client is requesting a check from their Traditional IRA to be made payable in their name to after deposit into their 403B directly. What code is used and why?
This would be coded based on client age (Early or Normal) and treated as a 60-day rollover which is permitted per the IRS 1X in a 12-month rolling period.
What is the most important principal Charles Schwab has?
Putting the client first, always.