Roth ira - Study guides, Class notes & Summaries

Deemed substantiation - Employers give employees per diem to spend- so employees do not need proof of their expenses. MUST USE THE LESSOR OF: the per diem rate by company or federal per diem rate What is an accountable plan? What are the two requirements of employees? - Expenses incurred by employees are reimbursed by employer- so employees report no expenses. Requirements: 1- must return any excess reimbursement 2- must substantiate expenses (maintain records of) What is the 'catch up...

REG R2 Test Questions & Answers 2024/2025 Deductions to Arrive at Adjusted Gross Income - ANSWERSAdjustments Self-Employment Adjustments Not deductible on Schedule C - ANSWERSHalf of Self Employment FICA Self-Employed Health Insurance Self-Employed Retirement Eligible Educators Expense - ANSWERS250, 500 for married if both teachers Cannot Deduct IRA - ANSWERSExcessive AGI, AND In another retirement plan (spouse's plan does not count) Spouse Plan Exception - ANSWERSIf supe...

Life, Accident and Health Insurance Exam 2024 Questions Complete Solutions Qualified Plan - Answer - -approved by IRS for favorable tax treatment - tax deffered growth Qualified Plan Requirements - Answer - 1) Be in writing 2)provided for benefit of employee 3) must satisfy age and serive standards 4) cannot be discriminatory 5) contributions cannot exceed yearly maximus 6) must provide survivorship benefits 7) must meet miniumum vesting standards 8) cannot be top heavy Advantages of Q...

Can value guarantees in a whole life policy are called a. nonforfeiture values b. living benefits c. cash loans d. dividends - Answer- a. nonforfeiture values If a life insurance company uses HIV testing as a part of its underwriting, when must an applicant be notified of the procedure? a. prior to solicitation of the policy b. prior notice is not required c. prior performance of the test d. prior to ordering a physical examination - Answer- c. prior performance of the test Whi...

What did the UCA create? - Unemployment compensation amendment (1992) What 3 documents are required when establishing an IRA? - Plan agreement, disclosure statement, and financial statement What type of IRA can distribute funds tax free? - Roth IRA Name the types of IRA's - Roth, Traditional, Simple, SEP What is the plan agreement? - Trust Document that contains articles that outline rules governing the IRA. (IRS form 5305 is most used) hat did the ERISA allow as a maximum annual contrib...

Select from the choices below the best description of a speculative risk? - Answer Involving the possibility of a gain in addition to the uncertainty of loss If there is a material change in an MEC contract, what is the first thing needing to be done? - Answer Another 7 pay test Which of the following is not taxable? - Answer Fixed amount installments A premature distribution from a Roth IRA made before the age 59.5 is subject to a 10% penalty tax unless: - Answer It was used as...

Payments received in the years BEFORE you obtain FRA will be reduced $______for every $________ earned above the earnings cap. - correct answer Old-age benefits of Social Security recipients may be reduced if the client earns income from wages and salary during retirement prior to Social Security's full retirement age. By how much are the benefits reduced? - correct answer Benefits paid to persons in the years prior to attaining full retirement age are reduced by $1 for every $2 earned ...

WISE test review questions & answers 2024 consumer financial protection bureau (CFPB) - ANSWER-protects consumers from unfair or abusive practices net worth - ANSWER-take your assets and subtract liabilities Individual retirement accounts (IRAs) - ANSWER-you must go to the bank to open up an IRA Traditional IRA - ANSWER-you dont pay taxes upfront, but you will pay taxes on the entire amount when you retire ROTH IRA - ANSWER-you pay taxes upfront, but when you retire and withdraw...

RPA 1 - Final Exam 100 Questions with Complete and Certified Solutions Top-hat plan A retirement plan that is unfunded and maintained by an employer primarily for the purpose of providing deferred compensation for a "select group of management or highly compensated employees" is called a (n): Economic Benefit A theory of income taxation that imposes current tax liability on taxpayers who receive something of reasonable value is known as the doctrine of: Must be given the election to remain u...

The premiums paid by an employer for his employee's group life insurance are usually considered to be - Answer-Tax-deductible to the employer Which of these is NOT considered to be a cost connected with an individual's death? - Answer-Business expenses These are all accurate statements regarding universal life insurance EXCEPT - Answer-Policy loans are not permitted Which of these is NOT relevant when determining the amount of personal life insurance needed? - Answer-Local unemploymen...