Flashcards in Qualified Plans Deck (8)
Examples of qualified plans
IRA, 401k, KEOGH/HR-10, SEP, SIMPLE
What is required to qualify an individual to contribute to a traditional Ira?
What are the income tax benefits of a qualified plan?
Employer contributions are tax deductible and are not taxed as income to the employee. Earnings accumulate tax deferred
Simple plans are available for groups of how many employees?
No more than 100
Primary purpose of a 401k
Provide retirement income
What type of plan is a 401k?
Qualified profit sharing plan
In what form of payment must the contributions to a traditional IRA be made?