FREE Certified IRA Services Professional Question and Answers

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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.

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.

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