Who we are
Richon Planning LLC & Richon Insurance Agency LLC (collectively, “Richon Planning)
Richon Planning
600 Stellata Dr.
Fuquay Varina, NC 27526 (919) 300-5886
WHAT DOES RICHON PLANNING DO WITH YOUR INFORMATION?
WHY? Financial companies (including insurance companies) choose how they share your personal information. Federal and state law gives consumers the right to limit some but not all sharing. These laws also require us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
WHAT? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
• Social Security number and income
• account balances and payment history
• transaction history and insurance claim history
When you are no longer our customer, we continue to store and share your information as described in this notice.
HOW? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Richon Planning may choose to share; and whether you can limit this sharing.
| Reasons we can share your personal information | Does the company share? | Can you limit this sharing? |
| For our marketing purposes – to offer our products and services to you | Yes | No |
| For our everyday business purposes – For example: to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For joint marketing with other financial companies | Yes | No |
| For our affiliates’ everyday business purposes – information about your transactions and experiences | No | No |
| For our affiliates’ everyday business purposes – information about your creditworthiness | No | We do not share |
| For our affiliates to market to you | No | We do not share |
| For non-affiliates to market to you | No | We do not share |
Instructions for Participant
The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, required minimum
distributions (RMDs), and the fair market value (FMV) of the account. For information about IRAs, see Pubs. 590-A, 590-B, and 560. Participant’s taxpayer Identification number (TIN}. For your protection, this form may show only the last four digits of your TIN (SSN, ITIN, ATIN, or EIN). However, the trustee or issuer has reported your complete TIN to the IRS.
Account number. May show an account or other unique number the trustee or issuer assigned to distinguish your account.
Box 1. Shows traditional IRA contributions for 2021 you made in 2021 and through April 18, 2022. These contributions may be deductible on your Form 1040 or 1040-SR. However, if you or your spouse was an active participant in an employer’s pension plan, these contributions may not be deductible. This box does not include amounts in boxes 2-4, 8-10, 13a, and 14a.
Box 2. Shows any rollover, including a direct rollover to a traditional IRA or Roth IRA, or a qualified rollover contribution (including a military death gratuity or SGLI payment) to a Roth IRA you made in 2021. It
does not show any amounts you converted from your traditional IRA, SEP IRA, or SIMPLE IRA to a Roth IRA. They are shown in box 3. It does not show any late rollover contributions. They are shown in box
13a. See the Form 1040 or 1040-SR instructions for information on how to report rollovers. If you have ever made any nondeductible contributions to your traditional IRA or SEP IRA and you did not roll over
the total distribution, use Form 8606 to figure the taxable amount. If property was rolled over, see Pub. 590-A. For a qualified rollover to a Roth IRA, also see Pub. 590- A.
Box 3. Shows the amount converted from a traditional IRA, SEP IRA, or SIMPLE IRA to a Roth IRA in 2021. Use Form 8606 to figure the taxable amount.
Box 4. Shows amounts recharacterized from transferring any part of the contribution (plus earnings) from one type of IRA to another. See Pub. 590-A.
Box 5. Shows the FMV of all investments in your account at year end. However, if a decedent’s name is shown, the amount reported may be the FMV on the date of death. If the FMV shown is zero for a decedent,
the executor or administrator of the estate may request a date-of-death value from the financial institution.
Box 6. Shows for endowment contracts only the amount allocable to the cost of life insurance. Subtract this amount from your allowable IRA contribution included in box 1 to compute your IRA deduction.
Box 7. May show the kind of IRA reported on this Form 5498.
Boxes 8 and 9. Show SEP (box 8) and SIMPLE (box 9) contributions made in 2021, including contributions made in 2021 for 2020, but not including contributions made in 2022 for 2021. If made by your employer, do not deduct on your income tax return. If you made the contributions as a self-employed person (or partner), they may be deductible. See Pub. 560.
Box 10. Shows Roth IRA contributions you made in 2021 and through April 18, 2022. Do not deduct on your income tax return.
Box 11. If the box is checked, you must take an RMD for 2022. An RMD may be required even if the box is not checked. If you do not take the RMD for 2022, you are subject to a 50% excise tax on the amount not
distributed. See Pub. 590-B for details.
Box 12a. Shows the date by which the RMD amount in box 12b must be distributed to avoid the 50% excise tax on the undistributed amount for 2022.
Box 12b. Shows the amount of the RMD for 2022. If box 11 is checked and there is no amount in this box, the trustee or issuer must provide you the amount or offer to calculate the amount in a separate statement by
January 31, 2022.
Box 13a. Shows the amount of a late rollover contribution (more than 60 days after distribution) made in 2021 and certified by the participant, or a postponed contribution made in 2021 for a prior year. This amount is not reported in box 1 or 2.
Box 13b. Shows the year to which the postponed contribution in box 13a was credited. If a late rollover contribution is shown in box 13a, this box will be blank.
Box 13c. For participants who made a postponed contribution due to an extension of the contribution due date because of a federally designated disaster, shows the code FD.
For participants who served in designated combat zones, qualified hazardous duty areas, or direct support areas, shows the appropriate code. The codes are: EO13239 for Afghanistan and associated direct
support areas, EO12744 for the Arabian Peninsula areas, PL115-97 for the Sinai Peninsula of Egypt, and EO13119 (or PLl0G-21) for the Yugoslavia operations areas. For additional information, including a list of
locations within the designated combat zones, qualified hazardous duty areas, and direct support areas, see Pub. 3. For updates to the list of ocations, go to www.irs.gov/Newsroom/Combat-Zones.
For a participant who makes a rollover of a qualified plan loan offset, shows the code PO.
For a participant who has used the self-certification procedure for a late rollover contribution, shows the code SC.
Box 14a. Shows the amount of any repayment of a qualified reservist distribution, a qualified disaster distribution, or a qualified birth or adoption distribution. See Pub. 590-A for reporting repayments.
Box 14b. Shows the code QR for the repayment of a qualified reservist distribution, code DD for repayment of a qualified disaster distribution, or code BA for repayment of a qualified birth or adoption distribution.
Box 15a. Shows the FMV of the investments in the IRA that are specified in the categories identified in box 15b.
Box 15b. The following codes show the type(s) of investments held in your account for which the FMV is required to be reported in box 15a
A- Stock or other ownership interest in a corporation that is not
readily tradable on an established securities market.
B- Short- or long-term debt obligation that is not traded on an
established securities market.
C- Ownership interest in a limited liability company or similar entity
(unless the interest is traded on an established securities market).
D- Real estate.
E- Ownership interest in a partnership, trust, or similar entity
(unless the interest is traded on an established securities market).
F- Option contract or similar product that is not offered for trade
on an established option exchange.
G- Other asset that does not have a readily available FMV.
H- More than two types of assets (listed in A through G) are held in
this IRA
What we do
How does Richon Planning protect my personal information?
To protect your personal information from unauthorized access and use, we use security measures
that comply with federal and state law. These measures include computer safeguards and secured
files and buildings. Richon Planning:
- protects your information by implementing physical, electronic, and procedural
safeguards; and - uses security controls, including encryption, firewalls, advanced malware detection, and
the concept of least privilege for access management.
How does Richon Planning collect my personal information?
We collect your personal information, for example, when you
- give us your contact information
- apply for insurance or open an account
- pay insurance premiums or make deposits
- file an insurance claim or initiate transactions
- make deposits or withdrawals from your account
We also collect your personal information from others, such as credit bureaus, affiliates or other
companies.
Why can’t I limit all sharing?
Federal laws give you the right to limit only:
- sharing for affiliates’ everyday business purposes – information about your
creditworthiness - affiliates from using your personal information to market to you
- sharing for non-affiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. See below for
more on your rights under state law.
Definitions
Affiliates
Companies related by common ownership, control, appointment, and licensing. They can be financial and non-financial companies. For example, our affiliates include companies with an Richon Planning name and financial companies such as Brookstone Capital Management, TD Ameritrade, and other financial and non-
financial affiliates.
Non-Affiliates
Companies not related by common ownership or control. They can be financial and non-financial companies. Richon Planning does not share with non-affiliates so they can market to you.
Joint Marketing
A formal agreement between non-affiliated financial companies that together market financial
products or services to you. Our joint marketing partners include insurance agents and agencies,
field marketing organizations, registered investment advisors, broker/dealers, and other financial
services organizations.
Other important information
For residents of Arizona, California, Connecticut, Georgia, Illinois, Maine, Massachusetts, Minnesota, Montana, New Jersey, Nevada, North Carolina, Ohio, Oregon, and Virginia. These states require insurers and agents to describe their information practices in addition to providing a Privacy Notice. The two notices are very similar, but in general our information practices include the following: Richon Planning may obtain information about you and any other persons applying for investment accounts or insurance.
Some of this information will come from you and some may come from other sources. That information and any other information collected by Richon Planning may in some circumstances be disclosed to third parties, such as agents, affiliates, service providers, and others without your specific consent. In some cases, we may need your direct authorization before sharing that information.
Residents have the right to access, to correct and, in some states, to delete (if incorrect) the information collected about them, except information that relates to a claim or to a civiI or criminal proceeding. If you are refused coverage or if your application is postponed, you may also have the right to receive the specific reason in writing. To exercise your rights or if you wish to have a
more detailed explanation of our information practices required by your state, please submit a written request via the secured customer portal at www.richonplanning.com or write us at Richon Planning at 600 Stellata Dr., Fuquay Varina, NC 27526. Additional information concerning our privacy policies can be found at www.RichonPlanning.com or call 919.300.5886.
STATE SPECIFIC DISCLOSURES
Customer personal information will be collected, used, and stored as required by applicable federal privacy laws. If the Customer’s state laws provide more protection of the Customer’s personal information than federal privacy laws, Richon Planning will protect the Customer’s personal information as required by such state law.
YOUR AUTHORIZATION REQUIRED
Arizona, California, Maine, Massachusetts, Minnesota, Montana, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oregon, and Virginia. We will not share your personal information with non-affiliated third parties (or, in some circumstances, our affiliates) other than our agents or service providers unless you authorize us to share it or the law otherwise permits or requires us to share it. You have the right to authorize or not authorize this sharing of personal information.
FOR CUSTOMERS
We will not disclose information about your creditworthiness to our affiliates and will not disclose your personal information, financial information, credit report, or health information to nonaffiliated third parties to market to you, other than as permitted by law, unless you authorize or request us to make those disclosures. Additional information concerning our privacy policies can be found at www.RichonPlanning.com or call 919.300.5886.
ADDITIONAL RIGHTS UNDER STATE CONSUMER PRIVACY ACTS
State Privacy Acts may give certain state residents certain privacy rights with respect to the limited non-public personal information we collect. To learn how to exercise your rights under your state or if you wish to see a more detailed explanation of your rights, please visit our website at www.richonplanning.com or call 919.300.5886
