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WorksheetsAGS 529/ABLE Knowledge Check November 2023
Total questions: 15
Worksheet time: 8mins
1. Primerica Reps are not required to get a stamp of approval from their back office to set up a new account via a paper enrollment.
True
False
1. States that allow Account Owners to get a deduction for a 529 contribution to any state's 529 plan is known as:
Tax Parity State
Tax Neutral State
Plan Home State
Out of State Benefit
The status of a Manual Check can be found in which of the following functions of CSR?
Documentum
Withdrawal Management
Maintenance History
Voucher Management
____________________ is initiated from the 529 through participating plans with participating schools.
Flywire
Epay
If a requested withdrawal shows Status: ACH Fail, you can just process a new withdrawal with the authorized individual.
True
False
It is OK to give a Trusted Contact information about a 529 account
True
False
If both a qualified and non-qualified withdrawal are processed and sent to the account owner in the same calendar year, the account owner will receive two 1099's.
True
False
It is OK to give a Financial Advisor a beneficiary's Date of Birth and/or Social Security Number as long as they are the advisor listed on the account.
True
False
What steps do you need to take when you get a call stating the AO is deceased?
Legal - Block All Transaction freeze.
Other - Block redemption freeze and place a stop mail on the account
Death Notification Freeze and disable web access.
Special Handling Freeze
If a check is recieved with the numeric notation $150 and the written legal line states One Thousand Five Hundred Dollars, what would we do?
Send the check back
Deposit the check for $150
Call AO to confirm they want to deposit for the amount of $1,500.
It is OK to deposit for $150 once you get an approval from a manager.
What is the maximum account balance in an ABLE account if the account owner collects SSI?
$250,000.
$100,000.
$150,000.
$520,000.
When a withdrawal is processed, before market close, and the request is to send the funds priority, when will the recipient get the funds?
The 4th business day
7 - 10 business days
The next business day
The 2nd business day
If a Financial Advisor provided incorrect instructions/changes to an account and then they request to have those changes amended and back dated to the original request date, what would we need?
Letter of Intent
Send work request to Problem Resolution
Letter of Instruction
Letter of Indemnity
Who was the previous program manager for CollegeBound 529?
Nuveen
Alliance Bernstein
Oppenheimer
TIAA-Cref
Are non-qualified withdrawals to the beneficiares allowed for CAD, COA, GAD, MIA, MID, MND, OKD and WID?
Yes
No
