Qualified Accounts - NonSponsored

Question 1

What are qualified accounts

Answer 1

qual for retirement

Question 2

Are IRAs technically qual accs

Answer 2

no

Question 3

contribs to a Trad IRA can be used as

Answer 3

deduction but not for Roths

Question 4

Deadline for contributions to IRAs for a tax year

Answer 4

usu april 15

Question 5

Contribs to all IRAs are out of

Answer 5

earned income

Question 6

Is there an age limit to IRA contributions

Answer 6

no

Question 7

What is a Trad IRA

Answer 7

max contributions per year with pre tax money

Question 8

Whats an exception for the max contribution for trad IRAs

Answer 8

catch up amount after 50 years old

Question 9

What investment/ strats are not allowed in IRAs

Answer 9

collectibles
life insurance contracts
shorts
derivatives except covered calls
tax exempt muni securities
lev

Question 10

Whats a roleover in an IRA

Answer 10

withraws then returns assets to IRA w/in 60 CALENDAR days

Question 11

How many rollovers per year

Answer 11

1 even with mult IRAs

Question 12

What are the transfer rules for IRAs

Answer 12

unlimited for both
only Roth to roth

Question 13

when can withdrawals start for Trad IRAs

Answer 13

59 1/2

Question 14

When can you withdrawal from your Trad IRA before 59 1/2 w/o pen

Answer 14

death
disability
first time home buyer up to 10K
edu expenses for you spouse child and grandchild
medical premiums if unemployed
Med expense above AGI limits

Question 15

When do req min dists start

Answer 15

72

Question 16

RMD with mult accs

Answer 16

aggregate val of accs used

Question 17

When RMD is not taken

Answer 17

50% pen on diff between the dists taken and the RMD amount

Question 18

Whats the contribution amount for both IRAs

Answer 18

yearly max split between all accounts

Question 19

Contribution rules for Roths

Answer 19

no age limit
high income may affect eligibility

Question 20

Transfer rules for Roths

Answer 20

only to another Roth

Question 21

Rules for dists for Roths

Answer 21

acc held for 5+ years
59 1/2

Question 22

When can you withdrawal from your Roth IRA before 59 1/2 w/o pen

Answer 22

Same as Trad but no medical/edu

Question 23

Are RMDs required for Roths

Answer 23

no

Question 24

Roths are recommended more for

Answer 24

younger people
lower income tax bracket
anyone that cant deduct a contribution to a trad IRA

Question 25

Pen for over contributing to Roths

Answer 25

6% until excess is gone