Traditional IRA's
What is the contribution limit for 2025 for both under 50 and 50+?
What is $7,000 and $8,000
How many reps are on each team?
What is 10?
Can a client take out their contributions tax and penalty free?
What is Yes
Can we calculate a clients RMD and give an accurate amount?
What is yes, but it is estimated/no?
What is the eligibility of contributing to a Traditional IRA?
What is earned income and no income limits?
What is the earnings calculation?
net income = contribution x adjusted closing balance - adjusted opening balance/adjusted opening balance
How many conversions can a client do in a single calendar year?
What is unlimited?
Can a client do a 60-day rollover in an Inherited IRA?
What is NO?
What is a Transfer?
What is when funds move between two accounts with the same registration?
What happens if a client passes the deadline for a Recharacterization/Removal of Excess and funds are still held in the account?
What is take a distribution instead and potential 6% penalty.
How many Reps are licensed?
What form is used to configure a client's tax liability for a Roth Conversion?
What is IRS Form 8606?
How long before a spouse can move funds from inherited IRA to personal IRA?
What is at ANYTIME?
What is the difference between a Direct Rollover and an Indirect Rollover
What is A DR is when the funds are coming from an Employed Sponsored Plan into IRA and InDR is when the client receives the funds for themself and then deposits into IRA.
What is the difference between a Removal of Excess and Recharacterization?
What is a Removal of Excess is taking funds out of IRA into a Brokerage, Bank Account, or by Check. Recharacterization is transferring funds from a traditional to Roth and vice versa.
Can a client contribute into an Inherited IRA or transfer to self-directed IRA?
What is NO?
What is a 60-day rollover?
What is a 60-day rollover is when you take funds into your possession and have 60 days from receiving the funds to place back into an IRA.
What is the deadline for a Removal of Excess/Recharacterization?
What is tax filing deadline + extension
What is the cutoff for contributing to a Roth IRA when married filing jointly?
What is $236,000
What are the options when a minor of a (MIIRA) reaches the age of 18?
What is converting the account to an Inherited IRA at Schwab, transfer funds out to an outside Inherited IRA, or take a check for the account balance.