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Flashcards in Qualified Plans Deck (8)
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1

Examples of qualified plans

IRA, 401k, KEOGH/HR-10, SEP, SIMPLE

2

What is required to qualify an individual to contribute to a traditional Ira?

Earned income

3

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

4

Simple plans are available for groups of how many employees?

No more than 100

5

Primary purpose of a 401k

Provide retirement income

6

What type of plan is a 401k?

Qualified profit sharing plan

7

In what form of payment must the contributions to a traditional IRA be made?

Cash

8

For a retirement plan to be qualified it must be designed to benefit who?

Employees