CISP Dumps (V8.02) Allow You to Effectively Prepare for the IRA Services Professional Exam: Continue to Read CISP Free Dumps (Part 2, Q41-Q65) Online

1. A taxpayer converted funds from a Traditional IRA to a Roth IRA during the tax year 2022. In 2023, the taxpayer discovers that the value of the converted funds has decreased significantly.

Can the taxpayer undo the conversion and avoid paying taxes on the original converted amount?

2. Which of the following individuals is eligible to participate in a SIMPLE IRA plan established by their employer?

3. Which of the following individuals may be subject to a penalty for excess contributions to their IRA?

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

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

6. Which of the following circumstances allows an individual to avoid the 10% early withdrawal penalty from an IRA before age 59 ½?

7. Which of the following beneficiaries have the option to stretch distributions from an inherited IRA over their life expectancy?

8. If an individual contributes to a Roth IRA and later realizes that they exceeded the income limits for Roth IRA eligibility, what can they do to correct the situation?

9. What are the potential consequences of engaging in a prohibited transaction within an IRA?

10. Which of the following statements are true regarding employer tax benefits for contributing to a SIMPLE IRA plan?

11. Which of the following statements are true regarding the disclosure rules for IRA fees?

12. In a direct rollover from a 401(k) plan to a Traditional IRA, what happens to the pre-tax funds in the 401(k) account?

13. Which of the following statements are true regarding nontraditional investments within an IRA?

14. Which of the following statements is true regarding the tax treatment of IRA distributions to beneficiaries?

15. When does the 10% early withdrawal penalty not apply to distributions from a Traditional IRA?

16. A taxpayer completed a 60-day rollover from their 401(k) plan to a Traditional IRA. Due to unforeseen circumstances, they were unable to complete the rollover within the 60-day period.

Which of the following is NOT a valid reason for requesting a waiver of the 60-day rollover rule?

17. Which of the following statements are true regarding the portability of SEP and SIMPLE plans?

18. Which of the following is a crucial aspect of IRA plan establishment and maintenance?

19. What is the penalty for exceeding the annual contribution limit for an IRA account?

20. Which of the following transactions allows an individual to undo a previous Roth IRA conversion and move the funds back to a Traditional IRA?

21. Which government agency is responsible for penalizing non-compliance with IRA regulations?

22. For the tax year 2023, what is the maximum total contribution limit for a taxpayer who contributes to both a Traditional IRA and a Roth IRA?

23. Which of the following are true regarding the taxation of distributions from a SIMPLE IRA plan?

24. Which of the following statements is true regarding the taxation of funds converted from a Traditional IRA to a Roth IRA?

25. Which of the following statements is true regarding the contribution deadline for a Traditional IRA for the tax year 2023?