Bank > Individual Retirement Accounts > Frequently Asked Questions (FAQs)
Frequently Asked Questions (FAQs)
Q. Can I open a Roth and Traditional IRA at the same time?
A. Yes. You may be eligible to open both Traditional and Roth IRA accounts, however, you cannot exceed IRS contribution guidelines for that tax year.
Q. My husband is a stay at home dad. Can he have an IRA?
A. Yes. The working spouse must have earned enough income equal to the contributions for both IRA’s and they must file a joint tax return.
Q. Are there joint IRA accounts?
A. No, IRAs are issued to individuals only.
Q. Can a minor have an IRA?
A. Yes, if the child has earned income.
Q. What are the differences/similarities between a Roth and Traditional IRA?
A. Please see the comparison table. For further tax information/benefits, consult your tax advisor.
Q. What is the difference between a transfer, and a rollover?
A.Transfer = like to like. For example: Traditional IRA to Traditional IRA; Roth to Roth, 401k to 401k.
A rollover involves moving funds from one type of qualified retirement plan, to another type of qualified retirement plan. The most common example seen at Thrivent Financial Bank is a 401k to a Traditional IRA.
Q. Can I transfer funds from my Thrivent annuity or my Thrivent Investment Management Traditional/Roth IRA mutual fund(s) to a Traditional/Roth IRA CD/Savings at Thrivent Financial Bank?
A. Yes. This is an example of a Traditional/Roth IRA transfer (Mutual Fund IRA to Thrivent Financial Bank IRA).
Q. What happens at the maturity date of my IRA CD?
A. There is a 10-day grace period following the maturity date to make any changes. This includes adding funds, removing funds, changing the term, or closing the IRA account. An IRA CD will automatically renew at the current rate, and same term after the grace period is over, unless you direct us otherwise.
Q. Can I change my beneficiary on my IRA account?
A. Yes. Upon request, a new beneficiary form will be sent to you.
Q. What is the age required to take a Required Minimum Distribution (RMD)?
A. RMD begins in the calendar year in which the IRA owner turns 70½.
Q. Will I get a penalty if I take my RMD from my IRA?
A. It depends. RMD is a required event mandated by the IRS and we do not penalize you for any IRS requirement. Although we will not assess a penalty for any Thrivent Financial Bank RMD’s, we may assess a penalty for any portion of the distribution that would represent a non-Thrivent Financial Bank RMD.
Q. Can I satisfy any non-Thrivent Financial Bank RMD from my Thrivent Financial Bank IRA without a penalty?
A. Yes, however, if you have an IRA CD, any amount beyond the Thrivent Financial Bank IRA RMD is considered a CD withdrawal, and may be penalized accordingly.
Q. Does Thrivent Financial Bank calculate my RMD?
A. Yes. Thrivent Financial Bank will automatically calculate the RMD if the IRA account was held at Thrivent Financial Bank as of 12/31 of the previous year, or we can manually calculate the RMD based on information supplied by you.
Q. Are there RMD’s for a Roth IRA?
A. No. Required minimum distributions are only required for Traditional IRA’s.
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