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SIE	Series 63	Series 65	Series 26	MLO

CHANGE UNIT

Current Unit: UNIT 2 - Evaluating Customer Accounts; Financial Profiles and Investment Objectives; Retirement Plans

UNIT 1- Seeking Business for the Broker-Dealer From Customers and Potential Customers
UNIT 3- Customer Information; Risk and Suitability; Product Information
UNIT 4- Customers' Purchase and Sales Instructions and Processing Transactions

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IRA

Can only contribute earned income, not passive income
- Earned income
  - Salary, wages, commission, and tips
  - Alimony is considered eligible income to invest into an IRA
Ineligible income(cant use to invest into an IRA)
- Passive income (collecting tenant rent payments) is not eligible, as it's not earned income like a job
- Dividends and capital gains are also not considered earned income
- Child support
An employee who is part of a pension plan
- Can invest in IRA but the contributions may or may not be deductible depending on his adjusted gross income
You may contribute to an IRA only until the first tax filing deadline (April 15) even if you filed an extension
April 15 deadline
- between January 1 and April 15, you may make contributions for the current year, the past year, or both
- you may contribute to this year's IRA from January 1 of this year until April 15 of next year
- if you file your tax on January 15, you may deduct your IRA contribution even if it is not made until April 15
- Catch-Up Contribution
  - Aged 50 and older can contribute an additional amount each year into an IRA/Qualified plan
An inherited IRA will be subject to income taxes to the beneficiary at the time of withdrawal
Trustee-to-trustee transfers do not incur any tax consequence

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