General IRA Info
What is the deadline to make a prior year contribution?
Typically, April 15th. If the tax filing deadline is adjusted, this due date will be adjusted as well.
Which IRA gives you a tax break later?
Roth IRA
Does Florida impose State Income Tax?
No
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.
Funds are moving from an QRP to an IRA and the member is not taking ownership of the funds. What type of transaction is this?
Direct Rollover
If someone receives an extension to file their taxes, does that also extend the prior year contribution deadline?
No.
Which IRA gives you a tax break now?
Traditional IRA
No.
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
If a member is doing a rollover, how long do they have to put the funds back in their IRA?
60 Days.
Why do we omit spousal signatures on our IRA paperwork?
Florida is not a Spousal State for IRAs
What is a possible Tax Advantage of a Roth IRA?
Tax-Free Earnings (possible)
What type of IRA Requires an RMD and what age does that happen?
Traditional - 73
Funds are moving from a QRP to an IRA and the member is taking ownership of the funds. What type of transaction is this?
Indirect Rollover
Does the Regular Contribution limit ever change?
Yes. The IRS determines the limit each year.
What is a possible Tax Advantage of a Traditional IRA?
Tax Deductions (Possible)
Which 2 criteria must be met for a ROTH IRA distribution to be a "Qualified" Distribution?
5 year period
Qualified Reason
Are Rollovers reported to the IRS?
Yes
How should a check be made payable in a Direct Rollover?
Community First FBO Member
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.
What are the mutual tax advantages for Roth and Traditional IRAs?
Tax-Deferred Earnings
Tax Credit (possible)
List 3 reasons someone may get an exception to the Early Distribution Penalty Tax?
Age 59.5, Death, Disability, IRS Levy, Substantially equal periodic payments, Medical expenses, Health insurance prem. following unemployment, First-time homebuyer, Higher education expenses, Qualified reservest, Birth or adoption expenses
What is the percentage a retirement plan (QRP) must withhold if a member does an indirect transfer from it?
20%
What do we complete through the IRA Site if the member does not have funds in a transfer transaction?
Direct Transfer Instructions Request