Trust Examiner School eBook

IRA Review

Account Number:

Bank Name:

Account Name:

Exam Date:

Market Value:

Asset Date:

Department Capacity: ( reminder – IRS views Custodian and Trustee the same – IRC 408(h) – for filing IRS forms)

Examiner:

Administrative Officer:

Investment Officer, if applicable Date of Asset Review, if applicable

Date of Administrative Review:

General Information

Type of IRA:

 Traditional

 ROTH

 Inherited

 Other e.g. SEP

Date of Agreement: Prototype Agreement: (e.g., agreement prepared by a Vendor not an attorney) Beneficiary Designation (name/relationship/%)

 Yes

 No , If no, how is agreement kept current

If rolled over from 401(k) at the bank, did management perform CIP (NA if client has other relationships with Bank)

 Yes

 No

 NA

Contributions

Contributions Comply with Law  Can only contribute cash unless rollover 2013 Traditional IRA The lesser of earned income or $5.5M under 50 and $6.5M over 50) Rollover (e.g. rollover of participant loan is prohibited) 

 Yes, and does exceed max $ -

 No, exceeds limits, is not cash, includes a loan - prohibited transaction  Yes, Prohibited asset

 NA, not making contribution

$5.5 or $6.5 & is in cash

 Yes, no prohibited assets

 NA

Distribution Data: (RMD is not applicable to ROTH where grantor is alive)

Grantor’s Date of Birth:

RMD Date (date grantor is 70 ½)

Management Calculated Examiner Calculated Grantor IRA , grantor alive - if grantor dead, skip to Inherited IRA section

RMD Amount, if in payment status:

Management Calculated

Examiner Calculated

Annual Notification Letter Sent  Due to grantor by 1/31 in year turn 70 ½ and annually thereafter.  Not applicable to inherited – if sending , contact at Trust SME, examiner or specialist for direction.  May use Form 5498 for notice - see info on SharePoint

 Yes

 No

 NA

Inherited or Conduit IRAs : (this is important to review if bank is calculating RMD, please note, the trustee is not obligated by law to provide notice or calculation) Date of Death (grantor) : Date of Birth (beneficiary(ies))

If management calculated RMD, was it done correctly and based upon proper election (beneficiary typically should direct method, unless bank is trustee of the trust beneficiary)

 Yes

 No

 NA

Forms and Other Regulatory Requirements

Form 5498 Completed and Sent (due in May, bank may bulk file)

 Yes

 No

Distribution Form Completed ( not required, but useful documentation) State and Federal Taxes appropriately withheld or waived

 Yes  Yes

 No  No

 NA  NA

CHI - Line Sheet - IRA Review.doc

Revision Date 12/2016