Contributions
The tax form that reports all contributions to Traditional and Roth IRAs
What is the 5498?
The tax form that reports all distributions from an IRA.
What is the 1099R?
The name of the required distributions from a Traditional IRA.
What is RMD or required minimum distribution?
The number of withdrawals required during the life of a Roth IRA.
What is zero?
The age at which a participant can take a distribution from a Roth IRA or a Traditional IRA without penalty.
What is age 59.5?
$6,000
What is the contribution limit for Traditional and Roth IRAs?
The minimum amount required when federal withholding is requested.
What is 10%?
Can be either deductible or non-deductible.
What are contributions to a traditional IRA?
The tax advantage of a Roth IRA.
What is the earnings grow tax free provided the 5 year rule has been met and the owner is at least 59 1/2?
The requirement for being able to contribute to an IRA.
What is earned income?
$7,000
What is the contribution limit for Traditional and Roth IRA if over age 50?
Disability, First Time Home Buyer, Higher Education Expenses.
What are exceptions to the early distribution penalty for Traditional IRAs?
Maximum age to contribute to a Traditional IRA.
What is no maximum age as long as there is earned income?
Contributions to a Roth IRA are taxed:
What is before they are contributed?
Over age 50 and are allowed to contribute an extra $1,000 to your IRA.
What is Catch-up Contribution?
6%
What is the penalty for excess contributions in a given year that are not removed before October 15th.
Only this portion of the withdrawal is taxable and may be subject to a penalty on Roth IRA withdrawals.
What is Earnings?
True or False: Required Minimum Distributions are reportable AND taxable.
What is True?
The number of years between the first contribution and the first withdrawal to avoid a tax penalty.
What is 5 years?
A permanent movement of assets from a tax deferred IRA to a Roth IRA.
What is a Conversion?
The common deadline for prior year contributions.
What is tax day (Typically April 15)?
The IRS penalty for an individual who does not take their RMD.
What is 50% of what the RMD should have been?
Funds may be Tax Deductible.
What is the primary tax benefit of a Traditional IRA?
The ordering rules for distributions from a Roth IRA.
What are contributions, conversions, earnings?
A Roth Conversion.
What is a tax reportable movement of prior or current year contributions (+/- earnings) made to a Roth or Traditional IRA as having been made to the other type of IRA (Traditional or Roth)?