1
Q
- Make COBRA election within health plan coverage ending
A
60 days
2
Q
- Time frame to consider when renting vs. buying
A
3 years
3
Q
Does 3 year rule apply when a transfer for value occurs
A
no
4
Q
- Amount of time I and EE bonds earn interest up to
A
3 years
5
Q
- Amount of years of installment payments for 6166 sole prop property
A
14
first 4 are interest only
6
Q
- Depreciation for 1250 property for residential real property
A
27.5 years
7
Q
Only a standard 401k can be established before ______ will allow a tax deduction for the same year
A
the last day of the current year
8
Q
- 403Bs- employees who have been with the same same employer for ___+ years of service can contribute an additional $3,000 to 403B if certain requirements are met
A
15 years
9
Q
- Medicare will cover LTC expenses (if diagnosed to improve + some other requirements)
A
100 days
10
Q
- If someone wants to opt of of QOSA (joint and survivor annuity) this must be done during a ___ period prior to the annuity’s starting date (written with consent)
A
180 days
11
Q
- Length of Cobra coverage for SPOUSE AND dependents in the event of death, divorce, Medicare eligibility.
A
36 months
12
Q
- RMD is required for SIMPLEs, SEPs, IRAs, and SARSEPs.
A
April 1st of the calendar year age 72 is reached
13
Q
- Deprecations for 1245 property for computers, autos, trucks
A
5 years
14
Q
The amount of time which someone must have collected unemployment compensation
before someone can withdraw from their IRA (trad, sep, simple and roth) to pay for medical insurance premiums without penalty
A
12 weeks
15
Q
- “once a year” - Amount of times that a person can withdraw IRA funds (using 60 day rule) and redeposit it into another IRA and continue to defer income taxes
A
annually
16
Q
Erisa requirement
A
1000 hours
17
Q
- submit evidence in support of investigation up to ___ days before hearing
A
45 days
18
Q
Amount of years required that either the decedent of a member of the decedent’s family must have materially participated in the operation of the farm or business PRIOR TO DEATH that would allow real property to qualify to special use valuation (2032A). 10 years if talking about after death
A
5 out of 8 years
19
Q
- Amount that 72t payment must be made (“at least this much”)
A
annually
20
Q
Per week- When someone works more than 30 hours per week, they are usually eligible for group health
A
30 hours
21
Q
- If someone over 21 works this much, an employee needs to be enrolled in a SEP
A
3 out of 5 years
22
Q
An employer has until this point to establish and make contributions to a SEP for the taxable year (a noteworthy advantage)
A
up to the due date of the business tax return (including extensions)
23
Q
- Amount of time that needs to pass before death for the FMV of a GRAT to NOT be included in their gross estate
A
5 years
24
Q
Does a 3 year rule apply with a gift to irrevocable trust
A
no
25
The amount of time to look at to see if an employee can participate in a SIMPLE. Earned over $5,000 in any of them & is expected to earn more than that this year? - Eligible
previous 2 years
26
- If qualifying ISA is sold before this--> FMV- Exercise = ordinary income & ded. by corporation
- Another way to say that: If sale date of stock option is more than ____ from the grant date, it results in a disqualifying disposition
2 years
27
The date that FSA money that must be spent by or else it is forfeited (this includes grace period amendment) - ONLY HEALTH FSA gets this- NOT dependent care
March 15th
28
- Time allowed to disclaim inherited assets
9 months
29
- Enroll in Medicare __ months before age 65
3 months
30
- Length of Cobra coverage for disabled employee
29 months
31
- Initial enrollment period for Medicare (3 months before 65, month of 65, 3 months after)
7 months
32
Medicare GENERAL enrollment (for coverage beginning July 1st)
January 1st- March 31st
33
When is the ex dividend date?
The date of record for the corporation is the first business dat after the ex dividend date. To be listed on the corporations books as a holder the investor must purchase its stock before the ex dividend date.
34
- In service withdrawal after ____ years of participation (profit sharing)
2 years
35
When must a summary plan description be provided to eligible participants of a qualified plan?
Within 90 days of being covered
36
- Amount of years an IRA must be distributed by (one option)
10 years
37
- Time frame when looking at cash vs. accrual accounting (>$26mil- use accrual method)
3 years
38
- Amount of days a rental property can be rented for and not be counted as mixed use property (i.e. rental income becomes taxable)
< 15 days per year
39
- Gifts made within last ___ years not included in gross estate, but added back to TE
3 years
40
- CFP Commission can order a license suspension not to exceed
5 years
41
- Total number of years charitable donations can be carried forward (for a total of 6 deductions)
5 years
42
When the termination of a SIMPLE plan must occur- can't terminate mid year
January 1st (of the year following notification of simple participants)
43
Non-top heave DB plan permitted vesting schedule (slower)
5 year cliff or 3-7 year graded (100% vested with 2 year eligibility)
44
- When using a 6166 valuation for sole props, during the first ____ years only estate interest is due
4 years
45
- During first ____ of SIMPLE IRA participation- penalty on early withdrawals= 25%
12 years
46
- Depreciation for 1250 property for NON residential real property
39 years
47
- If a spouse is ____ years younger and the younger spouse is the sole ben of an IRA, this is an exception to the joint life distribution table. They are able to take the distributions calculated by the joint life & last survivor life expectancy table which is a longer distribution method
10 years
48
- If sale date of stock option is more than ___ year from the date of exercise, all gain is long term capital gains. If ISO is solder before ____ from exercise, it results in a disqualifying disposition
1 year
49
Max amount before ineligible for business to have a SIMPLE IRA
100 employees
50
CE Hours required per year
30 hours
51
- Amount of years of back taxes not discharged by bankruptcy (must over over ___ years old)
3 years
52
Responses to Complaints
30 calendar days
53
amount an employee needs to work to qualify for group health
32 hours per week
54
A SIMPLE may be established by an employer up to this point
up to the date of the employer's tax return
55
A SEP may be established after this point
After an employer's fiscal year end
56
AOTC is good for which years of college
first four years
57
- Inform CFP of address change
45 days
58
- Depreciation for 1245 property for office stuff except computers
7 years
59
- a DC plan that holds publicly traded employer securities must allow participants to diversify employer contributions after ____ of service
3 years
60
Top heavy DB plan permitted vesting schedule (faster)
3 year cliff or 2-6 year graded (100% vested with 2 year eligibility)
61
- Amount of time an IRA without a bene must be liquidated by the estate if the owner passes
5 years
62
- The max amount of time CRAT/CRUT payments can be made to the donor
20 years
63
- business loss carry forward
indefinite
64
- For estate taxes, if a mom dies, and the kid inherits her estate and has to pay $100,000 in estate taxes for example, if the kid dies within ____ years of inheriting the estate, any of those assets that end up being in his taxable estate at death are lowered. (reduced double taxation)
10 years
65
Amount of time a widow can claim the $500,000 section 121 exemption following the spouses death
2 years
66
With a partial disability rider, how long does the benefit last while the insured recuperates?
3-6 months (usually with 50% of the total disability benefits)
67
in life insurance how long is the incontestable period? (A provision they can have)
2 years
68
In regards to a complaint against a certificant, all answers to complaints shall be submitted within ____ calendar days from the date of service of the complaint on the certificant.
20
My CFP Flashcards
flashcards
Decks in class (21)
# Cards
-
Professional Conduct19
-
General Principles27
-
BIG RETIREMENT CONCEPTS (Every Day)65
-
BIG ESTATE CONCEPTS (Every Day)65
-
BIG INCOME TAX (Every Day)47
-
Insurance46
-
Ages24
-
Numbers and Stuff67
-
Percentages82
-
Time Frames68
-
Investments24
-
Income Tax58
-
Retirement Planning63
-
Estate Planning37
-
Formulas to Remember50
-
BIG INVESTMENTS29
-
From Final Danko Quizzes56
-
ISOs0
-
From Danko Quizzes (4+)85
-
Home Stretch- Frequently Missed (Big + Variety) (11/6)102
-
Home Stretch- Frequently Missed (Detailed) (11/6)38
