Traditional IRAs
A traditional individual retirement savings account (IRA) is funded by the IRA owner. Contributions are deductible for certain individuals. Earnings grow tax-deferred.
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HSA Funding Distribution (HFD)
Definition A qualified HSA funding distribution (QHFD) is a distribution from a traditional IRA or a Roth IRA , that is made to the individual’s Health
Form 8880 (IRS Form)
Definition IRS Form 8880 is used to figure out the amount of Saver’s Credit for which an individual is eligible, and includes a built in
Disclosure statement
Definition A document provided to participants, explaining certain provisions in non-technical terms. For IRAs, each participant must be provided with a disclosure statement , which
Disclaimer ( Qualified Disclaimer )
Definition A written document, wherein the beneficiary irrevocably refuses to accept assets they would otherwise inherit. The disclaimer must meet the following requirements in order
Determination letter
Definition A letter issued by the IRS to a plan sponsor, indicating whether the IRS has determined that a retirement plan is qualified. Form 5300
Designated financial institution (DFI)
Definition A financial institution ( such as a bank , insured credit union, savings and loan, or IRS approved non-bank custodians-such as a brokerage firm)
Multi-Generational IRA
Definition Also referred to as “Extended IRA’, or Stretch IRA (The term Stretch IRA® is copyrighted by Wealth Advisory Group. Used with Permission) Term used
Modified Adjusted Gross Income (MAGI)
Definition Modified Adjusted Gross Income (MAGI) is an individual’s adjusted gross income without taking into account any of the following amounts. IRA deduction. Student loan
Stretch IRA
(The term Stretch IRA® is copyrighted by Wealth Advisory Group. Used with Permission) Definition Also referred to as “Extended IRA’, or Multi-Generational IRA . Term
