ABA Certified IRA Services Professional (CISP) Dumps (V8.02): Read CISP Free Dumps (Part 1, Q1-Q40) and Check the Quality

1. Which investment option is generally considered to have the highest risk within an IRA?

2. Which of the following investments are considered nontraditional and may require special considerations and due diligence?

3. When designating beneficiaries for a retirement account, which of the following individuals are eligible to be named as beneficiaries?

4. Which of the following factors should be considered when selecting beneficiaries for an IRA?

5. Which of the following statements are true regarding distributions from a SIMPLE IRA plan?

6. Which of the following statements are true regarding the tax treatment of rollovers from a SEP plan to another retirement plan?

7. What happens if an IRA account owner fails to designate a beneficiary?

8. Which of the following individuals can withdraw earnings from a Roth IRA tax-free and penalty-free, even if they are under 59 ½?

9. Which of the following statements is true regarding Required Minimum Distributions (RMDs)?

10. Which of the following statements are true regarding the deadline for employers to establish a SIMPLE IRA plan for a given tax year?

11. A taxpayer who converted funds from a Traditional IRA to a Roth IRA now wishes to undo the conversion.

Which of the following actions can the taxpayer take to reverse the conversion?

12. A taxpayer has both earned income and self-employment income in the same tax year.

Which of the following statements is correct regarding IRA contributions?

13. What is the penalty for failing to take a Required Minimum Distribution (RMD) from a Roth IRA?

14. Which of the following investments are commonly prohibited within an IRA?

15. With respect to an IRA, a trust may be __________.

16. Which of the following statements is true regarding naming a trust as the beneficiary of an IRA?

17. Which of the following individuals is eligible to participate in a SEP IRA established by their employer?

18. Which of the following statements is true regarding the tax deductibility of contributions to a Traditional IRA?

19. In which of the following situations can an individual make a qualified HSA funding distribution (QHFD) to their Health Savings Account (HSA)?

20. Which of the following documents serves as the primary governing document for an IRA plan?

21. A taxpayer makes contributions to both a Traditional IRA and a Roth IRA in the same tax year.

What is the maximum total contribution limit for the taxpayer for the tax year 2023?

22. A taxpayer who inherits an IRA from a deceased relative has the option to disclaim the inheritance.

Which of the following statements is true regarding disclaiming an inherited IRA?

23. Which of the following investments are generally considered prohibited within an IRA?

24. What happens if an individual fails to designate a beneficiary for their retirement account?

25. Which of the following transactions can be done once per year for each IRA account without triggering taxes or penalties?

26. What is the penalty for failing to withdraw excess contributions from an IRA by the tax deadline?

27. A taxpayer took a distribution from their Traditional IRA to cover medical expenses.

Which of the following is true regarding the tax treatment of this distribution?

28. Which of the following actions can lead to the disqualification of an IRA?

29. 1.Under what circumstances can an individual recontribute funds to a retirement account after taking a withdrawal?

30. What is the potential advantage of naming a spouse as the primary beneficiary of a retirement account?

31. Which of the following events would NOT require an updated beneficiary designation for an IRA?

32. What happens if an individual fails to repay a coronavirus-related distribution (CRD) to their retirement account within the specified time frame?

33. Which of the following investments are generally considered prohibited within a self-directed IRA?

34. Which of the following statements are true regarding the taxation of Traditional IRA distributions?

35. Which individuals are generally eligible to contribute to a Traditional IRA for the tax year?

36. Under what circumstance can an IRA account owner withdraw funds before the age of 59 ½ without incurring an early withdrawal penalty?

37. In which of the following scenarios is a retirement plan rollover NOT taxable?

38. What is the age at which an individual must begin taking Required Minimum Distributions (RMDs) from their Traditional IRA?

39. Which of the following IRS forms is used to report federal tax amounts withheld from an IRA?

40. When an individual takes a distribution from a Traditional IRA, which of the following methods allow for federal income tax withholding?