| TAX REPORTING | 1099R | SCREENS USED DURING TAX LINE CALL | SECURITY VERIFICATION | CALL SCENARIO |
|---|---|---|---|---|
|
BY JAN. 31ST
WHAT DATE DO 1099R'S HAVE TO BE PRODUCED BY?
|
$10
1099R'S REPORT DISTRUBTIONS OF $___ AND MORE
|
DISTRIBUTIONS - IKA/D
CONTRIBUTIONS - IKA/C
WHAT SCREEN DISPAYS DISTRUBTIONS? CONTRIBUTIONS?
|
WHAT ARE TWO FORMS OF SECURITY VERIFICATION WHEN A CLIENT CALLS IN?
DOB, MIDDLE INITIAL, LAST 4 OF SSN, ZIP CODE, CLIENT NAME, POA ADDRESS
|
IKA/D
IKA/Z
CALLER: HELLO, I TOOK MONEY OUT OF MY IRA, WHY DIDN'T I RECIEVE A 1099?
WHAT SCREEN WOULD YOU USE TO VERIFY IF A 1099R WAS PRODUCED? |
|
Tax Reporting Form 1099-Q reports withdrawals and earnings on the withdrawals from qualified tuition programs (e.g. 529 College Savings Plans) and
Coverdell Education Savings Accounts (ESA).
WHAT IS REPORTED ON A 1099Q?
|
DEATH
WHAT IS CODE 4 ON A 1099R?
|
IKR
WHAT SCREEN DISPLAYS RMD CALCULATIONS?
|
2
HOW MANY SECURITY VERIFICATIONS ARE REQUIRED IN ORDER TO DISCUSS AN ACCOUNT WITH A CLIENT?
|
5498
CALLER: IN 2022, I PUT MONEY INTO MY IRA, WHAT KIND OF TAX REPORTING STATEMENT SHOULD I BE RECIEVING?
|
|
CONTRIBUTONS - 5498
DISTRIBUTIONS - 1099R
WHICH TAX REPORTING DOCUMENT REPORTS CONTRIBUTIONS? DISTRIBUTIONS?
|
Code 3: Disability
Code 6: 1035 Exchange Code 9: Life insurance protection cost we report these for Basic accounts holding life insurance Code E: 403(b) Excess annual additions Code B: All distributions from designated Roth accounts (i.e. Roth 401k) Code F: Charitable Gift Annuity Code H: Direct Rollover from a Designated Roth Code U: New-Distribution of dividends from ESOP plan
WHAT ARE 3 OF THE CODES MERRILL LYNCH DOES NOT USE FOR REPORTING?
|
KDI/ CLIENT PROFILE
SCREENS FOR CLIENT INFORMATION
|
SECURITY FAILURE
WHEN A SECURITY VERIFCATION FAILS, WHAT SHOULD YOUR SIEBEL NOTE START WITH?
|
A DUPLICATE COPY CAN BE PRODUCED
SIBIEL
CALLER: I WOULD LIKE A DUPLICATE COPY OF MY 1099R, IS THIS POSSIBLE?
CAN WE PRODUCE A DUPLICATE COPY? WHERE WOULD WE NOTATE THE CLIENT WISHES TO RECIEVE A DUPLICATE STATEMENT? |
|
THERE IS NO CODE FOR QCD. SELF-REPORT, THIS SHOULD BE HANDLED BY CLIENT AND THEIR TAX ADVISOR.
WHAT'S THE CODE FOR A QCD DISTRIBTION ON A 1099R? HOW DOES THE CLIENT REPORT A QCD?
|
GROSS DISTRIUBTION, TOTAL AMOUNT DISTRUBTED. INCLUDING WITHHELD INCOME TAXES
WHAT REPORTS IN BOX 1 ON A 1099R? ARE WITHHELD TAXES INCLUDED?
|
RCX/NSG
WHAT SYSTEM/SCREEN CAN BE UTILIZED TO VIEW OLD ASAP REQUEST?
|
1. INFORM SUPERVISOR
2.NOTATE SIEBEL 3. SEND EMAIL WITH DETIALS TO SUPERVISOR
WHAT 3 STEPS ARE REQUIRED WHEN A LEVEL 1 SECURITY VERIFICATION CAN NOT BE COMPLETED?
|
1099-Q
CALLER: HELLO, I HAVE A COLLEGE SAVING PLAN THAT I MADE A DISTRIBUTION FROM, WHAT TAX DOCUMENT DO I NEED TO PROVIDE MY TAX ADVISOR WITH?
|
|
$100 OR MORE
WHEN A CORRECTION IS DONE, AT WHAT DOLLAR AMOUNT IS MERRILL REQUIRED TO PRODUCE A NEW 1099?
|
Merrill Lynch does not distinguish how much of a distribution is before tax or after-tax money.
WHERE ON THE 1099R DOES IT SHOW HOW MUCH OF THE DISTRIBTUION IS BEFORE OR AFTER-TAX MONEY?
|
SECOND PAGE
EXAMPLE: TAX STMT SUPP: Y
WHAT PAGE OF KDI DISPLAYS TAX REPORTING DELIVERY PREFENCES?
|
ASSOCIATE VERIFICATION SYSTEM.
WHEN ACCEPTING A CALL, THE CALLER SHOULD PROVIDE YOU WITH A CODE. 4 DIGITS
WHAT IS AVS? WHEN ACCEPTING CALLS, SHOULD YOU PROVIDE A CODE TO THE CALLER, OR SHOULD THE CALLER PROVIDE YOU A CODE? HOW MANY DIGITS IS THIS CODE?
|
OPEN ANSWERS:
SCREEN: IKA/D
CALLER: I TOOK MONEY OUT OF MY IRA IN 2022 BUT I DIDNT RECIEVE ANY TAXS DOCUMENTS.
AFTER FURTHER RESEARCH, YOU DISCOVER THE CLIENT HASNT MAKE CONTRIBUTIONS TO THEIR IRA SINCE 2021. HOW WOULD YOU WORD TO THE CLIENNT WHAT YOU WERE ABLE TO FIND? WHAT SCREEN DID YOU USE TO CONFIRM THIS INFORMATION? |
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