Frequently Asked Questions

• How do I update my password within the Superior IRA & HSA platform?
• How do I submit a beneficiary claim to Superior?
• Can I change from one method to another in calculating substantially equal periodic payments?
• How are substantially equal periodic payments determined under the three methods?
• What are the methods for determining substantially equal periodic Payments?
• Is there an exception to the tax for distributions in substantially equal periodic payments?
• Will I have to pay the 10% additional tax on early distributions if I am 47 years old and ordered by a divorce court to take money out of my traditional IRA to pay my former spouse?
• Can I deduct the 10% additional early withdrawal tax as a penalty on early withdrawal of savings?
• If I withdraw money from my IRA before I am age 59 1/2, which forms do I need to fill out?
• Does an employee who has a SEP or SIMPLE IRA contact their employer to initiate a distribution, or do they contact the financial institution where the account is held?
• Can I take money from my traditional IRA, or my SEP or SIMPLE IRA, while I am still working?
• Do I report my nondeductible Roth IRA contributions on Form 8606?
• I want to set up an IRA for my spouse. How much can I contribute?
• Can I contribute to a traditional or Roth IRA if I'm covered by a retirement plan at work?
• Is my IRA contribution deductible on my tax return?
• What states have community or marital property laws that could impact the owner's beneficiary designation?
• What are the SIMPLE IRA summary description requirements?