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Continuing Education credit — December 2020

As a subscriber to, you can earn up to 12 hours of CE credit from the CFP Board and the Investments & Wealth Institute.

Please read the articles and answer the questions below. To find the related article, click on the hyperlinked title of the story – both online-only articles as well as stories published in the magazine.

You must answer 8 of the 10 questions correctly to qualify for CE credit.

Financial Planning does not email a certificate of completion. Please take a screenshot of the results screen, and keep the confirmation for your records. Financial Planning reports results to the CFP Board weekly. The board may take an additional two weeks to post results.

If you need assistance, please contact our Customer Success Team
1. The IRS stipulates that, as a default, what percentage of IRA distributions will be withheld for federal income taxes? *This question is required.
2. Typically, in order to avoid an estimated tax penalty, a client with an AGI of $170,000 must pay, throughout the year, an amount in taxes equal to the lesser of 90% of the current year’s tax or what percentage of the prior year’s tax liability? *This question is required.
3. If the federal short-term rate is 0.27% in the first month of the year, what would the penalty for the whole first quarter of the year be, for a client who avoided paying estimated tax? *This question is required.
4. Which rule would stipulate if your firm is required to record phone calls with clients? *This question is required.
5. How much can a client gift directly to a university to pay for a beneficiary’s (or multiple beneficiaries’) tuition without having to pay a gift tax? *This question is required.
6. The federal gift and estate tax is what percentage once an estate exceeds the exemption amount? *This question is required.
7. If a client makes a cash gift to her spouse, and the spouse dies within this period of time, the client will not be able to receive a step-up in basis if the funds are given back to her in her spouse’s will. *This question is required.
8. An active-duty member of the Army, Navy, Air Force, Marines or Coast Guard is eligible for up to what amount of Servicemembers Group Life Insurance (SGLI) coverage? *This question is required.
9. If a 55-year-old client has an AGI of $220,000 and receives a $50,000 SGLI benefit, how much of that benefit can they contribute to a Roth IRA within one year of receiving the funds? *This question is required.
10. Which of these funds had the best 10-year returns as of Nov. 6? *This question is required.
This question requires a valid email address.