FREE Certified IRA Services Professional Question and Answers
Which SEP IRA form must the employer retain for an IRS audit?
Correct!
Wrong!
Explanation:
Typically, IRS Form 5305 is filled out when a SEP IRA is established. The eligibility criteria, such as age and length of employment, are given forth in this brief form. The employer should maintain a copy of this form on file.
What might be included in an administrator disclosure statement?
Correct!
Wrong!
Explanation:
In conclusion, a disclosure statement provides crucial information in simple language regarding the terms and conditions, jargon utilized, and the basic agreement between the parties. It is a component of legal papers and may be cited in court proceedings.
How long before the IRA is founded must the administrator give the IRA owner a disclosure statement?
Correct!
Wrong!
Explanation:
The disclosure statement and a copy of the governing document must be delivered to the beneficiary at least seven days before the endowment contract, annuity, or account was established or purchased, whichever comes first.