CDFA Exam Study Materials Questions with Complete Solutions 2024.

5-year cliff vesting - Answer- An employee who has at least five years of service must have a non-forfeitable right to 100% of the employee's accrued benefit [IRC §411(a)(2)(A)]. Schedule A: Itemized Deductions - Answer- Schedule ____ may help identify unlisted assets or sources of income. For example, property taxes may reveal real property or a boat that one spouse does not know exists; and gambling losses would reveal that there are gambling winnings. 3- to 7-year vesting (7-year graded vesting) - Answer- An employee who has completed at least three years of service must have a non-forfeitable right to at least the following percentages of his or her accrued benefit: 20% after three years of service, 40% after four years of service, 60% after five years of service, 80% after six years of service, and 100% after seven years of service [IRC §411(a)(2)(B)]. Top-heavy plans or matching contributions typically use _________ vesting - Answer- 3-year cliff vesting or 6-year graded vesting. Form 1065 - Answer- Form _________ is used to report partnership income.