The Basics
IRA's Official Name
Individual Retirement Arrangement
RMDs Formal Name
Required Minimum Distribution
Official Name for QCD
Qualified Charitable Distribution
IRS Name for Inherited IRA
Beneficiary IRA
Reports Distributions
1099-R
Pre Tax Retirement Account
Traditional IRA
Calculation for RMD
Year End Balance
__________________
Life Expectancy Factor
If filed correctly it is not _____
Taxable
Type of Beneficiary: Decedent passed in 2021, Relation - Son (32 yo)
Designated
My Own Business IRA
SEP IRA
Contains After Tax Contributions
Roth IRA (Technically Trads too)
Publication for LEF Table
590-B
Process if name or address does not fit
Special Payee
Type of Beneficiary: Decedent Passed in 2017, Spouse, Not the sole beneficiary
Analogy for Pro Rata
Coffee & Cream
Roth Distribution Order
1) Contributions
2) First Conversion
3) Subsequent Conversions
4) Earnings
You Cannot ______ or ______ Your RMD
Rollover or Convert
Annual Maximum (2026)
$111,000
Clients can _____ A Trust/Estate
"Pass through" or "Look through"
Form where nondeductible IRAs are reported
8606
Name of exception to waive early distribution penalty
72(T)
Name of penalty for missed RMD
Excise/Excess Accumulation
SEP IRA Requirement For QCD
No longer maintained by the employer (no employer contributions)
IRS Official Term for "Assume"
"Treat as your own"
Converting nondeductible contributions
Back Door Conversions