Glossary
Terms to add here:
- Compound interest
- FICO Score
- Net Worth
- Asset Allocation
- Amortization
- ARM
- Escrow
- Private Mortgage Insurance
FAFSA
FAFSA, the Free Application for Federal Student Aid form is used to apply for financial aid for college or graduate school.
FDIC
FDIC, the Federal Deposit Insurance Corporation is a United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system.
FINRA
FINRA, the Financial Industry Regulatory Authority is a private American corporation that acts as a self-regulatory organization that regulates member brokerage firms and exchange markets.
NCUA
NCUA, the National Credit Union Administration is a government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions. The other being FDIC, which insures commercial banks and savings institutions.
Also refer here for more information
SEC
SEC, the U.S. Securities and Exchange Commission is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation.
SIPA
Securities Investor Protection Act
SIPC
SIPC, the Securities Investor Protection Corporation is a federally mandated, non-profit, member-funded, United States corporation created under the Securities Investor Protection Act of 1970 that mandates membership of most US-registered broker-dealers. Brokerages with the SIPC logo means your assets are protected under the Securities Investor Protection Act (SIPA).
IRS Form 1099–R
Distributions taken from your qualified retirement account (Traditional IRA, Roth IRA, SEP and/or SIMPLE IRA) are reported on IRS form 1099–R, which is issued by January 31st. Form 1099-SA reflects distributions made from a HSA.
IRS Form 5498
Form 5498 reflects contributions, including rollovers, made to your retirement account. It is typically issued by the end of May (4–6 weeks after the tax filing deadline), because you can make contributions to your retirement account until the tax filing deadline (usually mid-April). Form 5498-SA reflects maintaining a HSA.
Composite 1099
A composite 1099 is a tax document which provides a summary of IRS 1099 forms (1099–B, 1099–DIV, 1099–INT, 1099–MISC, 1099–OID) conveniently provided on one document for your tax reporting associated with non-qualified accounts.
COBRA
Consolidated Omnibus Budget Reconciliation Act (COBRA).
If you had health insurance through an employer, you may be able to get continued coverate with the same plan under the COBRA law, that can last up to 18 months. You'll be responsible for paying the (expensive) premiums but you will have the same exact health insurance you did before.