Keep It Traditional
Maximum amount I can contribute if I am 36.
What is $7,000 for the tax year of 2024 and $7,000 for the tax year of 2025?
Benefit to making a contribution to a Roth IRA.
What are tax free earnings and possible tax free distributions?
Offsetting contribution code when funds are transferred from an IRA Savings to an IRA certificate and the distribution is completed as a "Transfer within this Institution".
What is also "Transfer Within This Institution"?
Age at which a distribution can be made from a Traditional IRA without an early withdrawal penalty.
What is age 59 1/2?
Location of a Traditional IRA holder's RMD in Symitar.
Where is the IRS Record?
The age at which an IRA owner must start taking distributions from their Traditional IRA.
What is age 73?
Only restriction when making a contribution to a Roth IRA.
What is an Earned Income Restriction?
Contribution code used when the IRA holder brings in a check from an IRA account and it is made payable to the member.
What is Rollover?
Distribution Code to be used when a Traditional IRA holder, age 35, requests a withdrawal to buy a car.
What is an Early Distribution, No exception?
The point at which you complete an IRA holder's transaction request.
What is when all signed documentation is returned to Honda FCU? DO NOT complete transactions without a signed form.
The maximum contribution I can make if I am 55.
What is $8,000 for the tax year of 2024 and $8,000 for the tax year of 2025?
Age at which a distribution is required from a Roth IRA.
What is no age requirement?
(A Roth IRA holder is never required to take a distribution)
The last day to make a contribution to an IRA for a carryback contribution.
What is the tax filing deadline?
Distribution code when a Traditional IRA holder, age 62, requests funds from their IRA to buy a car.
What is a Normal Distribution?
Last step when closing an IRA.
What is entering a close date in the IRA Savings record?
A benefit offered if I make a contribution to a Traditional IRA.
What is possible tax deductibility, tax credits, tax deferred earnings and/or tax exempt earnings?
Stipulations for completing a Qualified Distribution.
What is a Five Year Waiting Period and one of the following:
Age 59 1/2
Death
Disability
First Time Home Buyer
Contribution code used when an IRA holder presents a check for deposit to their IRA and the check is made payable to "Honda FCU fbo the IRA holder".
What is a "Transfer from another institution"?
True or False: An IRA holder is required to complete tax withholding when they take a distribution from their Traditional IRA.
What is False?
Contribution code used when an IRA holder deposits their 401k check into an IRA?
What is a rollover?
Who an IRA holder should speak with regarding tax deductibility of a contribution.
Who is a qualified, competent tax adviser?
True or False: A Roth IRA holder can take a deduction on contributions made to their Roth IRA.
What is False?
When transferring funds from an IRA share certificate,the funds MUST be put into this share before releasing to the member.
What is the IRA Savings?
NOTE: Funds must be transferred from an IRA share certificate to the IRA Savings and then distributed to the member as requested.
Distribution Code to be used when a Traditional IRA holder takes their RMD.
What is a Normal Distribution?
Individual who can request the funds from a Coverdell ESA and where this information can be found.
Who is the Responsible Individual?
Look at the Coverdell Simplifier to see who can access the funds in a Coverdell ESA. It can be possible that the beneficiary can access the funds at age 18.