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General IRA Info
Benefits
Distributions
Portability
Misc
100

What is the deadline to make a prior year contribution? 

Tax filing Deadline

100

Which IRA gives you a tax break later? 

Roth IRA 

100

List 3 reasons someone may get an exception to the Early Distribution Penalty Tax?

Three Correct Reasons

100

Funds are moving from an IRA to an IRA of the same type and the member is not taking ownership of the funds. What type of transaction is this?

Transfer or Direct Transfer. 

100

Funds are moving from an ESRP to an IRA and the member is not taking ownership of the funds. What type of transaction is this?

Direct Rollover 

200

If someone receives an extension to file their taxes, does that also extend the prior year contribution deadline? 

No. 

200

Which IRA gives you a tax break now? 

Traditional IRA 

200
Does Community First withhold funds for the Early Distribution Penalty Tax? 

No. 

200

Funds are moving from an IRA to an IRA of the same type and the member is taking ownership of the funds. What type of transaction is this?

Rollover

200

If a member is doing a rollover, how long do they have to put the funds back in their IRA? 

60 Days. 

300

Why do we omit spousal signatures on our IRA paperwork? 

Florida is not a Spousal State for IRAs 

300

What is a Tax Advantage of a Roth IRA

Tax-Free Earnings (If Tests are met)

300

What type of IRA Requires an RMD and what age does that happen? 

Traditional - 72

300
How many times can direct transfers happen in a year? 
Unlimited 
300

Funds are moving from an ESRP to an IRA and the member is taking ownership of the funds. What type of transaction is this?

Indirect Rollover 

400

What is the regular contribution limit for someone age 50 and and above for 2022? 

$7,000

400

What is a Tax Advantage of a Traditional IRA? 

Tax Deductions (Possible) 

400

Which portion of the Roth IRA funds is 100% taxable unless the criteria for qualified distributions are met?

The Earnings Portion

400

Funds are being tmoved from an ESRP to an IRA, Member has possession of the funds to complete the transfer? 

Indirect Rollover

400

How should a check be made payable in a Direct Rollover? 

Community First FBO Member 

500

What happens to the funds from an IRA if the owner passes away and there is not a beneficiary listed? 

It goes directly to their estate. 

500

What are the mutual tax advantages for Roth and Traditional IRAs?

Tax-Deferred Earnings 

Tax Credit (possible) 

500

What type of transfer can only be completed once in a 12 month span?

Rollover

500
What is the percentage a ESRP must withhold if a member does an indirect transfer from it? 

20% 

500

What do we complete through the IRA Site if the member does not have funds in a transfer transaction? 

Direct Transfer Instructions Request