ONLINE RESOURCES TO SUPPORT YOUR NEEDS
As you might expect, volatility in the markets due to the novel coronavirus (COVID-19) has increased the number of clients and business relationships reaching out to us. Unfortunately, this may result in longer phone wait times, processing times, and mailing times, sometimes keeping us from delivering the level of service we are known for. We want you to know that our team stands ready to provide the services you need. We are leveraging remote technology, alternate work locations for employees and detailed business continuity plans to continue to support critical operations. Many of the services you need help with are also available online, allowing you to quickly and easily manage your needs. We appreciate your patience and remain available for you during normal business hours, Monday – Friday, 8:00 am – 5:30 pm CT. If you should have any questions, please complete our Service Request form and an agent will contact you back as requested.
YOU’LL FIND MANY OF THE ANSWERS YOU NEED ON OUR WEBSITE
• We encourage you to take advantage of the convenience and security of our online account access available on our website home page, www.stratatrust.com. If not already enrolled, you may self-enroll online for quick access to your account information, statements, tax forms, and other important STRATA communications.
• Our Pay Fee feature will allow you to quickly pay your STRATA account fee online.
• The FAQ section on our website provides clear, straightforward answers.
• Our Service Forms are on our website and may be emailed to STRATA as shown on each form.
We will continue to proactively monitor the situation and make adjustments as needed based on guidance from the CDC, federal and local health and government organizations, and their recommendations will continue to guide our business protocols and plans.
We appreciate your business and look forward to continuing to serve your IRA custody needs.
FREQUENTLY ASKED QUESTIONS (FAQs) REGARDING THE
CORONAVIRUS AID, RELIEF AND ECONOMIC SECURITY (CARES) ACT IMPACT TO IRAs
REQUIRED MINIMUM DISTRIBUTIONS (RMDs) FAQs
How does the CARES Act affect my 2020 RMD?
As an IRA accountholder who attained the age of 70½ by January 1, 2020, the CARES Act waives your 2020 RMD.
How does the CARES Act affect me if I attained the age of 70½ in 2019?
If you attained the age of 70½ in 2019 and were waiting until April 1st to take your 2019 RMD, you are not required to satisfy your 2019 RMD or your 2020 RMD. Both requirements have been suspended.
What if I have already taken my 2019 RMD or 2020 RMD?
If you have already taken your 2019 RMD or 2020 RMD and it was taken within the last 60 days, you can elect to roll over the distribution to the same or a different IRA or convert to a Roth IRA. Also, if you have not previously rolled over a distribution within the last 12 months, you will not be required to pay income tax on the distribution if you roll the distribution over within 60 days.
What happens to any federal or state withholding payments I made as part of my 2019 RMD or 2020 RMD?
If you have already taken your 2019 RMD or 2020 RMD and elected federal or state withholding, those payments have already been remitted to the IRS. Please consult with your tax professional as you may be eligible to receive all or a portion back as a tax refund if your withholding amount is greater than the amount you owe.
I am the beneficiary of an inherited IRA, do I qualify for the RMD waiver under the CARES Act?
Yes, inherited IRA accounts do qualify for the RMD waiver. You are not required to satisfy your 2020 RMD.
Does the CARES Act provision apply to my 2019 RMD?
No, if you took your 2019 RMD in 2019, the suspension does not apply to that RMD.
Can I still elect to take my 2019 RMD or 2020 RMD?
Yes, you may still elect to take your RMD. Simply complete the IRA Distribution Request form or the Precious Metals IRA Distribution Request form and submit to our Processing team at [email protected].
For more RMD FAQs, click here.
ROLLOVER FAQs
If I have already satisfied my 2019 RMD or 2020 RMD, how do I roll the distribution back into my IRA per the CARES Act?
You may roll your 2019 RMD or 2020 RMD back into your IRA via wire, check, or ACH. Please complete and submit the Deposit Certification form with your rollover funds.
I am a spouse beneficiary of an inherited IRA and have already taken the 2019 RMD or 2020 RMD, can I roll the distribution back into to the inherited IRA per the CARES Act?
Yes, as a spouse beneficiary of an inherited IRA, you can roll the distribution back into the inherited IRA, your IRA, or an eligible qualified plan. You may roll the distribution into an IRA via wire, check, or ACH. Please complete and submit the Deposit Certification form with your rollover funds.
I am a non-spouse beneficiary of an inherited IRA and have already taken the 2019 RMD or 2020 RMD, can I roll the distribution back into to the inherited IRA per the CARES Act?
Yes, per IRS Notice 2020-51, there is a special exception to allow non-spouse beneficiaries to roll the distribution back into an IRA.
For more Rollover FAQs, click here.
CONTRIBUTION FAQs
What is the deadline for making my 2019 IRA Contribution?
As a result of the 2019 tax filing and payment deadline extension, the 2019 contribution deadline has been extended from April 15, 2020 to July 15, 2020.
How do I submit my 2019 contribution funds to my STRATA IRA?
You may send funds to your IRA by check, ACH, or wire. You will need to complete and submit the Deposit Certification form with your contribution to ensure the funds are deposited for the proper tax year. If you elect to send funds via check, the envelope must be postmarked to STRATA by July 15 (excluding extensions).
When can I make my 2020 IRA Contribution?
If you are contributing for the current tax year, your contribution can be made as early as January 1.
How do I submit my 2020 contribution funds to my STRATA IRA?
You may send funds to your IRA by check, ACH, or wire. You will need to complete and submit the Deposit Certification form with your contribution to ensure the funds are deposited for the proper tax year.
For more Annual Contribution FAQs, click here.
