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Plans
Traditional and Roth IRAs
Retirement Savings Contribution Credit
Social Security Benefits
Distributions
100
Plan that is eligible for favorable tax treatment because it meets the criteria for both IRC 401 (a) and The Employment Retirement Income Security Act of 1974
What is a qualified plan
100
must have earned income or compensation
What is to qualify to contribute to an IRA
100
Born after January 1, 1999 (the year changes each year)
Who are the the Saver's Credit not available to
100
These are funded through the social security payroll tax and are based upon prior earnings and may be partially taxable
What are OASDI benefits
100
Normal distribution
What is code 7 on the 1099-r, box 7
200
taxes are deferred when moved from a Qualified plan to an IRA
What is a rollover
200
Is the lesser of $5,500 ($6,500 if the taxpayer has reached age 50 by the end of the tax year) or 100% of the taxpayers compensation
What is the maximum allowable contribution to an IRA
200
Make retirement plan contributions that may be eligible to claim a nonrefundable credit on their tax returns
Who are qualified lower- and middle-income taxpayers
200
RRB
What is Railroad retirement benefits
200
distributions that are generally fully or partially taxable because the retirement account was funded with pre-tax contributions and the earnings grew tax-free whilein the account
What are distributions from a qualified retirement account
300
They are usually designed to meet specialized retirement needs of key executives and other select employees, and Exempt from the discriminatory and top-heavy testing to which qualified plans are subject
What is a nonqualified plan
300
If they participate at any time during the year in any of the following: A qulaified retirement, profit-sharing, or stock bonus plan; A qualified annuity; A tax 403 (b) tax-sheltered annuity plan; or a simple plan; a government plan; etc..
What is an active participant
300
Is available in addition to any allowable dedution - which makes this one of the few situations where a double benefit may be claimed
What is the Savers Credit
300
SSI
What is supplemental security income
300
Wild Card... the selecting team gets to present the other team with an answer
What is ???
400
a retirement plan where the employee receives a predetermined, formula-based benefit at retirement
What is a Defined benefit plan
400
taxpayers can make contributions to their plan after they reach the age 70 1/2
What is a Roth IRA
400
Contributions to to 501(c)(18)(D)n plans
What is a contribution that qualifies for the Saver's credi
400
Social security benefit statement
What is SSA-1099
400
A distribution where the taxpayer had made after-tax contributions to the retirement account
What is a partially taxable amount
500
a series of payments under a contract, made at regular intervals over a period of more than one year
What is anannuity
500
must be reduced by any amounts contributed to a traditional IRA, regardless of whether such contributions were deductible
What is an allowable Roth IRA contribution
500
Does not count toward the credit
What are Employers matching contributions
500
The federal tax varies from zero to 85%
What is the amount of a taxpayers' Social Security or tier 1 RRB subject to
500
additional 10%
What is an early withdrawal penalty