Qualified Accounts - NonSponsored Flashcards
What are qualified accounts
qual for retirement
Are IRAs technically qual accs
no
contribs to a Trad IRA can be used as
deduction but not for Roths
Deadline for contributions to IRAs for a tax year
usu april 15
Contribs to all IRAs are out of
earned income
Is there an age limit to IRA contributions
no
What is a Trad IRA
max contributions per year with pre tax money
Whats an exception for the max contribution for trad IRAs
catch up amount after 50 years old
What investment/ strats are not allowed in IRAs
collectibles
life insurance contracts
shorts
derivatives except covered calls
tax exempt muni securities
lev
Whats a roleover in an IRA
withraws then returns assets to IRA w/in 60 CALENDAR days
How many rollovers per year
1 even with mult IRAs
What are the transfer rules for IRAs
unlimited for both
only Roth to roth
when can withdrawals start for Trad IRAs
59 1/2
When can you withdrawal from your Trad IRA before 59 1/2 w/o pen
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
When do req min dists start
72
RMD with mult accs
aggregate val of accs used
When RMD is not taken
50% pen on diff between the dists taken and the RMD amount
Whats the contribution amount for both IRAs
yearly max split between all accounts
Contribution rules for Roths
no age limit
high income may affect eligibility
Transfer rules for Roths
only to another Roth
Rules for dists for Roths
acc held for 5+ years
59 1/2
When can you withdrawal from your Roth IRA before 59 1/2 w/o pen
Same as Trad but no medical/edu
Are RMDs required for Roths
no
Roths are recommended more for
younger people
lower income tax bracket
anyone that cant deduct a contribution to a trad IRA
Pen for over contributing to Roths
6% until excess is gone
