What Does IRA Fbo Mean?

Answer

The abbreviation on IRA forms, FBO means, For the Benefit Of. The abbreviation is commonly used when naming a trust as the recipient of life insurance, an IRA, or 401(k).
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Fbo is a banking abbreviation meaning for benefit of. Therefore, a banking account opened as a fbo would more than likely be a donation account in which money ...
You cannot cash a check that has FBO on it. The check also cannot be deposited in your bank account. The term FBO on a check stands means For Benefit Of. ...
No, a 401K is not the same thing as an IRA. A 401K comes from your employer. Which means that it is a benefit provided to you (the employee) by your employer. ...
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