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IRA 2023

For individuals aged 50 years and older, the maximum total annual contribution to all IRAs is....

$7,000.00

$7,500.0

$6,500.00

$6,000.00

A _______ rollover is the distribution of assets from one plant directly to another without the participant taking receipt of the assests.

Straightforward

Indirect

Direct

Member

If a member has maxed out their 401K; can they also max out their ROTH IRA?

True

False

If the member can max out their ROTH IRA is there any stipulations?

RMD

Tax Filing

Tax Filing & MAGI Limits

MAGI Limits

What code should we select when the member reaches or is above 59.5 years of age and does a distribution?

Early Withdrawal

Death

Normal

Rollover

What does the Roth IRA "5 year Rule" pertain to?

Distrubutions

Rollovers

Contributions

RMD

What ___% penalty is subject when there is an early distribution from a traditional IRA?

10%

20%

An early distribution is triggered when a distribution is made prior to ____ age?

59.5

Traditional IRA owners are required to begin taking distributions from their IRAs no later than April 1st following the year in which the IRA owner turns ____ years old?

59.5

Sacramento Credit Union does offer Spousal IRAs?

True

False

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