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QQSeries 6

Unit 6 QQ3.O Individual Retirement Arrangements/ Accounts IRAs

QuestionAnswer
Rollover The transfer of funds from one qualified retirement plan to another qualified retirement plan. If this is not done within a sepcified time period, the funds are taxed as ordinary income.
Transfer Occurs when the account assets are sent directly from one custodian to another, and the account owner never takes possesion of the funds. There is no limit on the number of transfers that may be made during a 12-month period.
Roth IRAs An IRA that allows tax-free dist after the investor reaches reaches 59 1/2 &the acct is at least 5 y/o. Cont lim, catch-up cont, &spousal account provisions are the same as for traditional IRAs. Contributions to a Roth are offset by any cont to a trad IRA
Coverdell Education Savings Account (ESA) Also known as Edu IRAs,may be est for the pur of paying qual edu expenses for the designated beneficiary of the acct.Not tax deductable, dist are tax-free as long as the dist are taken to pay for allowable edu expenses.Max cont/yr $2000 per beneficiary
Section 529 Plans Prepaid Tuition Plans/ College Savings Plans
Prepaid Tuition Plans Allow donors to lock in current tuition rates by paying now for future education costs.
Money Purchase Plans The simplest of the qualified defined contribution plans. Any employer that meets funding requirements may offer such a plan. The employer simply contribues a specified fraction of the employee's compensation up to an indexed max.
Savings Incentive Match Plans for Employees (SIMPLEs) Retir plans for bus with <100 EE that have no other retir plan in place. The employee makes pretax cont into a SIMPLE up to the indexed cont limit. The ER makes matching cont with no upper limit as to the % matched as long as the total < indexed $ limit
Created by: ericjrolon