Deadlines
What is the best resource when it comes to Year-End deadlines?
The Tax Hub is the central location for both Year-End and Tax Season deadlines
What should we always check for when completing a one-time RMD distribution for a client?
We will always want to check for a PWS plan
TRIPLE PLAY
If a client fails to complete the form for Gifting shares to an account at an outside firm, what options do we have? What may we want to consider before providing a solution?
Is it Ret or Non-Ret
If Retirement – need LOI
If Non-Retirement – need the Gifting Shares form
(Must have the form to complete the request, no exceptions. Best option is to use Guided Service)
A client asks us why their payment set to go out on December 25th went out one to two weeks early
What can we tell them?
We do a Pull forward during the month of December to ensure there are no missed payments
Who's the best little team?!
You are!!! Team Six!!
What are some hard deadlines clients have on December 31st that we in WMS should be most familiar with?
RMD distributions, Roth Conversions, Gifting
DOUBLE JEOPARDY
Where would we look to find a checklist of things to ask and review before completing a conversion?
What resource would we want to use to ensure we are properly APOSing a client’s Roth Conversion in ICP?
This can be found in myGPS
Conversions and Recharacterizations page
If it is coming from a Retirement account, what information must the LOI include that a non-retirement form may not?
Tax Withholding
DOUBLE JEOPARDY
It’s October and a client has satisfied their RMD, however they have a PWS plan on file set to pay out in November. Should we use the skip button?
How would we adjust the plan? What are the steps in ICP?
If a client has already satisfied part or all of their RMD, do not use the skip function to reduce an RMD or skip annual payments
You will do this by modifying the plan and adjusting the "Current Year RMD Adjustment".
What birthday does Lebron James, Tiger Woods, and Nick Jeffries share?
December 30th
What type of account cannot have the RMD distribution completed verbally?
Keogh accounts, Non-prototype accounts (typically)
What must clients satisfy before completing a Conversion?
RMD
Do we require MSG verification on these requests?
It depends on the dollar amount, but yes we can require an MSG
Required if over over $19K, however we can make an exception to go up to $38K
If done in GS, MSG not required since they are verified via log in information
We have a PWS plan currently In Payout and the client informed us that they made the distribution from another IRA at a contrafirm. What options do we have to stop this payment from sending?
We can attempt to use BDST DEL
Who is the "Anti-Santa" in Central and Eastern Alpine folklore?
The Krampus
Which type of account needs to be opened by the end of the year?
Self-employed 401k accounts
When completing a distribution from a retirement account verbally what must we always read? Where can this be found?
Retirement disclosure
This can be found in Guided Service – you can also find these disclosures in myGPS however the Guided Service option makes it much easier
If a client asks to DTC Gift 38.27 shares of AAPL, would that be something we would be able to accommodate? What about a mutual fund delivery?
No, we will only do whole shares for Equities and ETFs
(For Mutual Funds, we can do fractionals up to the .000 decimal place)
How are Earnings Automatic Withdrawal Plans handled during year end?
If the first scheduled payment date falls on a weekend or holiday, the payment is processed on the following business day. Any subsequent scheduled payment dates that fall on a weekend or holiday generally are made on the previous business day.
Distributions scheduled to pay out on the 29th, 30th, or 31st of a month with fewer days are paid out on the last business day of the month.
Distributions scheduled to pay out on the 30th or 31st of December are processed earlier to ensure the distribution is processed by year end.
Periodic and earnings distribution payments scheduled to pay in December might be subject to a change in payment date to ensure the distribution is processed by year end.
Who's Christmas Party inspired the little person tossing event in the Wolf of Wall Street?
Fidelity! :D
DOUBLE JEOPARDY
If a client wants to pull their RMD from their IRA:BDA, can we APOS that?
In the case that the client misses their RMD due to Fidelity error, can we do anything?
No, this should be Warm Transferred to a Retirements representative
Fidelity cannot fix missed RMDs if the year-end has passed. Brokerage Operations cannot back date transactions or generate tax reporting for events that did not happen during the calendar year even if it is a Fidelity error
We can send a missed RMD letter for the client to provide the IRS
If a client deposits funds into a Rollover IRA by check on December 31st, and wants to complete a conversion, what could we possibly do?
Immediate credit
The client sends us the form via Secure Message and the signature is completed via DocuSign (not Guided Service), can we accept this?
No, we will only accept Docusign through our Guided Service system; we cannot validate the DocuSign from another firm or institution
Additionally, if it was not completed via Guided Service, we need a real signature, not the signature they can type in on Adobe, though we can take it via Secure Message/Get Docs
Can we establish or update PWS plans on Managed Accounts?
Yes
TRIPLE PLAY
What are the Seven Principles that Kwanzaa celebrates? (name any three)
Unity, Self-Determination, Collective Work/Responsibility, Cooperative Econonics, Purpose, Creativity, Faith.