Insurance

Question 1

Eligibility for SS - retired/disabled worker spouse

Answer 1

62, or any age with child in care under 16 or disabled before 22

Question 2

Eligibility for SS - surviving spouse

Answer 2

60, or any age with child in care under 16 or disabled before 22

Question 3

Eligibility for SS - divorced spouse

Answer 3

62, married 10 yrs, not remairred

Question 4

Roth conversions - income tax

Answer 4

never

Question 5

Roth conversions - meets 5 yr

Answer 5

no penalty, no tax

Question 6

Roth conversions - doesn’t meet 5 yr

Answer 6

special purpose = no penalty, no tax; no special purpose = penalty, no tax

Question 7

SEP/SARSEP withdrawal

Answer 7

any time, any reason

Question 8

Roth order of withdrawals

Answer 8

contributions, conversions, earnings

Question 9

SS tax brackets

Answer 9

S: 25k-34k; MFJ: 32k-44k

Question 10

TSP differences

Answer 10

age 50, no 10% penalty

Question 11

1 for IRA/Roth IRA

Answer 11

EARNED INCOME!!!!

Question 12

Roth earnings - meets 5 yr

Answer 12

triggering event (4): no tax, no penalty; no triggering: tax+penalty

Question 13

Roth earnings - doesn’t meet 5 yr

Answer 13

special purpose (lots): tax, no penalty; no special purpose: tax+penalty

Question 14

SS adjust for taking later

Answer 14

8%/yr

Question 15

SS adjust for taking sooner

Answer 15

1/180 per month (max 20% @ 36mo, max 30% at 60mo)

Question 16

IRA eligibility and 401k contributions

Answer 16

subtract contrib from AGI for phasout

Question 17

Inherited Roth IRA to non-person

Answer 17

in RMD status: continue; else 5yr

Question 18

Which plans allow for hardship?

Answer 18

401k & 403b

Question 19

Sm/Mid/Lg cap top

Answer 19

2B/10B/200B

Question 20

Pension/SEP/PS/ESOP EE?

Answer 20

NEVER

Question 21

SEP eligibility

Answer 21

21+, 3/5 years, $750

Question 22

SIMPLE eligibility

Answer 22

$5k prev 2 yrs, $5k this year

Question 23

SIMPLE ER

Answer 23

2% non-elective or 3% match

Question 24

DB keys

Answer 24

over 50, behind, profitable

Question 25

No SS integration

Answer 25

SIMPLE, ESOP

Question 26

401, 402, 404, 415

Answer 26

max comp, EE, ER, max contrib

Question 27

PT for 401k

Answer 27

past 3 years, 500 hours/yr (no ER req’d, could disqualify solo)

Question 28

NUA @ distrib, @ sale

Answer 28

basis @ OI, gain @ LTCG (lump sum only)

Question 29

KEOGH INC?

Answer 29

NO

Question 30

Life ins in DC

Answer 30

Ord/WhOle = 50%; Univ/Term = 25%

Question 31

Life ins in DB

Answer 31

100x monthly benefit

Question 32

412(i)

Answer 32

100x or fixed annuity

Question 33

Who starts RMDs at 73?

Answer 33

> 5% owner w/qual plan, all trad IRAs

Question 34

Non qual DC deductions/emp tax?

Answer 34

Not untl distrib, ER can reclaim, unfunded, subject to creditors

Question 35

RABBI

Answer 35

hostile takeover, subject to creditors

Question 36

secular trust

Answer 36

funded

Question 37

RSU can delay tax?

Answer 37

5 years

Question 38

ISO vs NSO at exercise

Answer 38

0 or AMT vs OI (gain over basis)

Question 39

ISO vs NSO at sale

Answer 39

gain over basis @ CG vs gain from ex-sale @ CG