6. Qualified Funds Knowledge Check

1 side of Qualified Funds are ESA's. What does ESA acronym stand for, and what are 3 types of ESA's?

1 side of Qualified Funds are IRA's. What does IRA acronym stand for, and what are 3 types of IRA's?

Qualified Funds are ________________ . (fill in the blank by selecting the correct answer)

Money that has been inherited from a qualified benefactor

Money that has been approved by SILAC's scrubbing team

Money that has been borrowed without interest.

Money that still qualifies to be taxed, or pre-tax funds

You may have joint ownership & joint annuitants on a Qualified Funded account

True

False

What is the IRS penalty charge for Early Distribution of funds from your Qualified Funded annuity?

What are the 4 methods of funding a Qualified Annuity? Separate each answer with a comma

Which type of IRA is funded by someone's Employer only?

SEP IRA

Traditional IRA

ROTH IRA

What are the 2 conditions a ROTH IRA can meet in order to not owe taxes on any Interest earned on the contract?

Funds are 5 years old

Owner is 72 years old

Owner is 59 1/2 years old

Funds are 10 years old

An Inherited IRA is a qualfied account that has been passed on from Original Owner who passed away, to a new Owner who was not their spouse.

True

False

When can SILAC accept an inherited IRA? Select all correct answers.

When beneficiary is age 72+

When the original owner is deceased prior to 01/01/2020

Only for our Teton and Secure Savings products

For multiple generations of inheritance

When the inheritor is younger than 65

When the account is inherited by December 31st of the year following the date of death of original owner

If Rosalie Smith passes away on 06/20/2019, then her daughter Tara Smith (beneficiary) must inherit the account by 12/31/2020 to be established as an inherited IRA.

True

False

When are Inherited IRA's considered a replacement?

The funds must come from a non-annuity source

The inherited IRA has been retitled and established already as an annuity

The new contract must be split between different annuity products

Name the 4 key points to a spousal continuation. Separate each answer with a comma and do not include numbers. E.G.; first point, second point, third point, fourth point.

6. Qualified Funds Knowledge Check

More Quizzes