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Individual Retirement Accounts

Opening IRA Savings Accounts

Traditional IRA

Education IRA

SEP & Roth IRA

Opening IRA Certificate Accounts

Managing IRA Funds

Withdraw Funds

Transfer Funds

Managing IRA Accounts

Close an IRA Certificate Account

Close an Account Upon Death

File Maintenance Transactions

Closing an IRA Account Upon Death

The simulations in this module are based on the following scenario:

Samantha Fergusson is deceased and her IRA account needs to be closed. You will need to calculate the dividends earned and post the dividends to her account. Then, query her retirement plan to verify that Samantha is exempt from withholding. Her beneficiary is no longer applicable, so you will need to update the account beneficiary and disburse the funds in the form of a check.

Simulations

Calculate and Post Dividends

Query Plan and Beneficiary

Update Beneficiary

Add Deceased Date

Verify Entitlement Amount

Withdraw Funds

Knowledge Check