Question 1

When is the deadline for filing Form 5489 with the IRS?

a. January 31 of the following year.
b. February 28 of the following year.
c. May 31 of the following year.
d. December 31 of the following year.

Accepted Answer

c. May 31 of the following year.

Question 2

Which of the following IRS forms is used by the financial institution to report federal tax amounts withheld from an IRA? a. W-4P b. 55A c. 945 d. 6681

Accepted Answer

c. 945

Question 3

Ben, an IRA owner, died in 2023. Shawn, his beneficiary, takes a total distribution before December 31, 2023. Which of the following forms should be issued for 2023?

a. Form 5498 for Ben with a “0” FMV & Form 5498 for Shawn.
b. Form 5498 for Ben with a “0” FMV & Form 1099-R for Shawn.
c. Nothing for Ben & Form 5498 for Shawn.
d. Nothing for Ben & Form 1099-R for Shawn.

Accepted Answer

b. Form 5498 for Ben with a 0 FMV & Form 1099-R for Shawn.

Question 4

For an IRA owner's year of death, the trustee/custodian must provide Form 5498 to the IRS for: a. Each beneficiary with assets in the IRA as of December 31, but not for the deceased IRA owner. b. The deceased IRA owner only. c. The executor of the estate & each beneficiary with assets in the IRA as of December 31. d. Each beneficiary with assets in the IRA as of December 31 & the deceased IRA owner.

Accepted Answer

d. Each beneficiary with assets in the IRA as of December 31 & the deceased IRA owner.

Question 5

What form must the IRA owner submit to the IRS when taking a distribution from a traditional IRA containing non-deductible contributions? a. Form 5305 b. Form 5329 c. Form 5498 d. Form 8606

Accepted Answer

d. Form 8606

Question 6

On February 1, 2023, Value Auto deposits the company’s SIMPLE IRA plan employer contribution for 2022 into the eligible employee accounts. How will the custodian /trustee of the plan report the contributions?

a. Box 8 of the 2022 Form 5498.
b. Box 9 of the 2022 Form 5498.
c. Box 8 of the 2023 Form 5498.
d. Fox 9 of the 2023 Form 5498.

Accepted Answer

b. Box 9 of the 2022 Form 5498.

Question 7

What IRA election is made using IRS Form W-4P?

a. Electing, recalculation, or non-recalculation.
b. Electing whether or not to have withholding applied to a distribution.
c. Electing beneficiary options.
d. Electing single life expectancy versus joint life expectancy.

Accepted Answer

b. Electing whether or not to have withholding applied to a distribution.

Question 8

List any additional forms you may want to have the Traditional IRA owner complete.

a. Forms required by your organization’s CIP
b. Beneficiary designation form
c. Contribution form, if not included in the application
d. All of the above

Accepted Answer

d. All of the above

Question 9

Which IRS form is used to report Traditional & Roth IRA contributions to the IRS & to the IRA owner? a. Form 1099-R b. Form 5498-SA c. Form 5498-ESA d. Form 5498

Accepted Answer

d. Form 5498

Question 10

Which box on IRS Form 5498 is used to report the IRA type? a. Box 1 b. Box 5 c. Box 7 d. Box 10

Accepted Answer

c. Box 7

Question 11

Which box on IRS Form 5498 is used to report the Traditional IRA regular contributions? a. Box 1 b. Box 5 c. Box 7 d. Box 10

Accepted Answer

a. Box 1

Question 12

Which box on IRS Form 5498 is used to report the Fair Market Value? a. Box 1 b. Box 5 c. Box 7 d. Box 10

Accepted Answer

b. Box 5

Question 13

Which box on IRS Form 5498 is used to report the Roth IRA regular contributions? a. Box 1 b. Box 5 c. Box 7 d. Box 10

Accepted Answer

d. Box 10

Question 14

What IRS form is used for the annual record of federal tax liability? a. 945 b. 945A c. 945L d. 945TL

Accepted Answer

b. 945A

Question 15

What IRS form is used for a foreign person's U.S. source income that is subject to withholding? a. 1042 b. 1042-F c. 1042-S d. 1042-T

Accepted Answer

c. 1042-S

IRS Forms Flashcards

(30 cards)