PLAN ESTABLISHMENT:
Forms needed to establish an IRA Account (Traditional or Rollover):
1.IRA Adoption Agreement
2.Authorization to Transfer Plan Assets to Successor Custodian. (Complete only if appropriate)
3.IRA Deposit Slip
Forms needed to establish a Simplified Employee Pension Plan (SEP):
1.PF10066 – SEP Employer Plan Documentation
2.IRA Account Application (Each SEP participant must complete)
3.Authorization to Transfer Plan Assets to Successor Custodian (Complete only if appropriate)
4.IRA Deposit Slip
Send completed forms along with initial contribution check(s) to your personal broker. All forms should have original signatures and checks should be payable to “Apex Clearing Corporation.”
NOTE: An individual cash account will be opened with Apex Clearing Corporation. (If you are opening a spousal IRA two separate accounts should be opened). The title of this account will be:
ELIGIBILITY:
TRADITIONAL IRA - You can establish and contribute to an IRA if you received taxable compensation (as defined in IRS Pub. 590-A) during the year and will not reach the age of 70 1/2 by the end of the year. Contributions may not exceed the lesser of 100% of compensation or $5,500 for 2018, and $6,000 for 2019 (plus $1,000 catch-up contribution if age 50 or older). If you maintain multiple IRA accounts, the maximum aggregate contribution to all of the accounts cannot exceed these totals. An IRA for any year may be opened and funded at any time until the due date for filing your tax return, not including any extensions.
ROLLOVER IRA - If you received an eligible rollover distribution from your employer's qualified pension, profit sharing or stock bonus plan, annuity plan, or tax sheltered annuity plan (403(b) plan), you can roll over all or part of it into an IRA. Rollover contributions must be made by the 60th day after the day you receive a distribution from your employer's plan in order to continue their tax-deferred status. Effective for distributions taken on or after January 1, 2015, you are permitted to roll over only one distribution from an IRA [Traditional (Including Rollover and SEP), Roth, or SIMPLE] in a 12-month period, regardless of the number of IRAs you own. A distribution may be rolled over to the same IRA or to another IRA that is eligible to receive the rollover.
SEP IRA - Any employer, including a sole proprietor with no employees, can establish a SEP IRA Retirement Plan for the benefit of all eligible employees. The owner of the business makes SEP IRA Employer contributions to the SEP IRA accounts of their employees, including themselves, who are eligible to receive SEP contributions. An eligible employee who receives a SEP Employer contribution can also make an annual IRA contribution as described above. A SEP IRA may be opened and funded up until the employer’s tax filing deadline, including extensions. Employer contributions are subject to contribution limits and employers should consult with their tax advisor or review the current limits found in IRS Publication 560, Retirement Plans for Small Business (SEP, SIMPLE and Qualified Plans).
BEFORE EXECUTING THESE FORMS YOU SHOULD CONSULT WITH YOUR ATTORNEY OR TAX ADVISOR TO DETERMINE WHETHER THIS IRA WILL ACCOMPLISH YOUR GOALS.