IRA: Required Minimum Distributions

Generally, regulations require traditional and rollover IRA owners to withdraw funds beginning at age 70 1/2, and every year thereafter.  Determining your Required Minimum Distribution (RMD) is significant while retaining an IRA, considering both your life expectancy and the IRA's fair market value.

The required amount for each eligible person is based on the December 31 IRA account value of the previous year and the IRA owners date of birth.  Your spouse's date of birth may also be a factor if your spouse is at least 10 years younger than you.  Interactive Brokers LLC provides several information resources to understand and calculate your RMD, including access to the on-line RMD Calculator.

Principal Trust Company's Role

January RMD Notification

Beginning RMD Distributions

Requesting Your RMD Withdrawal

Determining Your RMD

Calculating Your RMD 

Principal Trust Company's Role

Principal Trust Company serves as trustee of your retirement plan, providing administration and compliance service.  In addition, the plan trustee is required to notify you about your RMD.

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January RMD Notification

The Internal Revenue Service (IRS) requires the plan trustee, Principal Trust Company, to notify IRA owners about the RMD requirements by January 31 each year.  If you turn 70 1/2 this year, you are required to begin taking RMDs before April 1 of the following year.

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Beginning RMD Distributions

Eligible IRA owners must begin receiving withdrawals by December 31 of the year they reach age 70 1/2.  The first RMD withdrawal, however, may be delayed until April 1 of the following year.  

If you elect to delay the withdrawal, then please observe the following considerations:   (1) Two RMD withdrawals will be required the following year, the undistributed initial RMD and the new RMD.  (2) The new RMD will be slightly larger due to the December 31 market value's inclusion of the undistributed initial RMD.

Subsequent RMD withdrawals from your IRA must be distributed by December 31 to avoid a penalty tax.

Note:  Roth IRAs are exempt from the RMD rules during the IRA owner's lifetime.

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Requesting Your RMD Withdrawal

Log in to your Interactive Brokers account through Account Management to request an IRA withdrawal of funds.  IRA distribution forms available through Principal Trust Company will not authorize or execute a withdrawal from your account.

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Determining Your RMD

The IRS provides two Life Expectancy Tables in order to obtain the IRA owner's life expectancy.  Your IRA beneficiary election may play an important factor in determining your RMD. 

Calculating Your RMD

The RMD is determined by dividing your account's prior year December 31 value by your life expectancy factor as taken from the IRS life expectancy tables.   This RMD must be calculated for each of your IRA accounts.  Principal Trust Company updates the RMD Calculator each year with data from the IRS' current Life Expectancy Tables.  See also the IRS Publication 590 to review the tables. 

In addition, Principal Trust Company's January RMD notification includes a method for calculating your amount. 

Note: If you have multiple IRAs, then you may combine the total year end values and take the distribution from one, each, or any combination of your IRAs.

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Disclaimer:  IB does not provide tax advice. These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any international, federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor. We recommend that you consult a qualified tax adviser or refer to the U.S. Internal Revenue Service.

IRA: Retirement Account Resource Center

IMPORTANT NOTE: This article has been customized for use by self-directed Individual Retirement Account (IRA) owners for information purposes only.  Persons are encouraged to consult a qualified tax professional with the investments and elections within the IRA.   IB does not provide tax advice.  For detailed information regarding IRAs, you may consult the IRS Publication 590.

Through Delaware Charter and Trust Company, doing business as Principal Trust Company, Interactive Brokers offers a variety of Individual Retirement Accounts (IRAs).  This resource center provides a central navigation into the resources, procedures and Account Management navigation of the retirement accounts below. 

Important IRA dates to consider are listed below.

Important Notice - Select 2012 Tax Reporting for key information with 2012 transactions and tax reporting in your IRA.

 

Account Management IRA Reference

Account Management IRA Tab

Beneficiary Options

Charitable Distributions

Conversions to a Roth IRA

Direct Rollovers - How & When

Frequently Asked Questions

Recharacterizations from a Roth IRA

Required Minimum Distributions

Rollover Rules & Conditions

Understanding Tax Forms

 

 

Important Dates To Consider   

Please check the calendar often.  Some dates subject to change.

Jan. 31:  RMD Notice - Required Minimum Distribution notices sent to account holders age 70 1/2 by December 31.   

                Tax Form 1099-R - IB posts the tax forms which confirm prior year distributions.

                2012 Charitable Distribution - Last date for eligible distributions to to be recharacterized as made on December 31, 2012.  Also, the final date to transfer December 2012 distributions to a qualified charity as a qualified charitable distribution.

Apr. 15:  Excess Contributions - IRS Deadline to withdraw excess IRA contributions for the prevous tax year.

                IRA Open/Funding - Deadline to establish and fund an IRAs for the previous tax year.

                Roth/Traditional Contribution - Deadline for prior tax year IRA contributions.

                SEP - Deadline for prior tax year employer and employee non-elective contributions.

May 31:  Tax Form 5498 - IB posts the tax forms which confirm prior year contributions.

Sept. 30: IRA Beneficiary - IRS cutoff to identify "designated beneficiary" of previous year deceased IRA owners.

Dec. 27:  RMD- Interactive Brokers cut-off to submit a Required Minimum Distribution as 2012 distribution.

                Distributions - Interactive Brokers cut-off to submit a 2012 IRA distribution.

 

 

 IRS Circular 230 Notice: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.

IRA: Rollover Rules & Conditions

 

This information is for general educational purposes only.  Individuals should consult with their financial adviser or legal counsel to determine how rollover regulations affect their unique situations.

Generally, an IRA rollover is a tax-free distribution to you of cash or other assets from one retirement plan that you contribute to another retirement plan.  The contribution to the second retirement plan is called a rollover contribution.

This article outlines the types of IRA rollover transactions, rules and conditions, IB's Rollover Certification form, and rollover transaction details.  Select from list below for details:

Rules & Conditions

Rollover Certification

Eligible Rollover Transactions

Ineligible Transactions

  

Rules & Conditions

Prior to completing an IRA Rollover transaction, we recommend that you review the rules and conditions surrounding eligibility.  Interactive Brokers can accept as a tax-free transaction an eligible rollover distribution as defined under the Internal Revenue Code.  Included in this article is information about eligible transactions, as well as the Interactive Brokers  IRA Rollover Certification form.

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IRA Rollover Certification

Before accepting an IRA rollover transaction into an Interactive Brokers LLC IRA, we require that you review your eligibility for the rollover and certify your understanding of the rollover rules and conditions.  The IRA Rollover Form includes the IRA Rollover Certification

The Fund Transfers page within the Account Management lets you notify IB of an IRA Rollover deposit of funds into your account.  Select the Funding tab in the header link and choose Deposit Funds in the Transaction list.   In the Method list, select Direct Rollover.  Complete, sign, and return both forms to the Interactive Brokers address listed on the form.

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Rollover Transactions

Two types of IRA rollover transactions exist with different guidelines and delivery methods:

  1. Direct Rollover - a transfer of assets from an employer-sponsored retirement plan directly to an eligible IRA.  If you choose to receive the distribution first, then you may roll over the funds to the IRA within 60 days.
  2. Indirect Rollover - a distribution from an IRA paid to you, followed by a rollover into another IRA within 60 days.  The IRS allows an indirect rollover of each IRA's funds once during a twelve-month period.

(Note:  A distributions directly from one IRA trustee to another IRA trustee is a Trustee-to-Trustee transfer.  It is not affected by the twelve-month waiting period.)

For additional information about rollovers, visit Understanding Rollovers.  See also IRS Publication 590, Individual Retirement Arrangements (IRAs), pages 18-26 for more specific guidelines on moving retirement plan assets.

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Eligible Rollover Transactions

Almost any distribution from a qualified plan can be rolled over to an IRA.  Your retirement account may be eligible for one of the following eligible rollover transactions.

Traditional IRA or SIMPLE IRA to Traditional IRA Rollover

  • Funds or property deposited less than 60 days of receipt by the IRA owner from the previous IRA
  • During the preceding 12 months, no other distributions from the distributing IRA were rolled over
  • The assets involved in the transaction have not been rolled over in the past 12 months
  • Required Minimum Distribution satisfied (if over 70 1/2)
  • For SIMPLE IRAs, after two years from the first contribution

Roth IRA to Roth IRA Rollover

  • Funds or property deposited less than 60 days of receipt by the IRA owner from the previous IRA
  • During the preceding 12 months, no other distributions from the distributing IRA were rolled over
  • The assets involved in the transaction have not been rolled over in the past 12 months

Rollover or Direct Rollover from Qualified Plan into a Traditional IRA

  • Eligible participant (participant, spouse beneficiary, or former spouse due to divorce)
  • Funds or property deposited less than 60 days of receipt by the participant from the previous plan
  • Funds received from an eligible qualified retirement plan
  • Required Minimum Distribution satisfied (if over 70 1/2)
  • Consists of funds, property, or proceeds from the sale of property distributed from the qualified plan
  • All of the funds are eligible to be rolled over

Roth IRA to Roth IRA Rollover

  • Funds or property deposited less than 60 days of receipt by the IRA owner from the previous IRA
  • Required Minimum Distribution satisfied (if over 70 1/2)

Ineligible Rollover Transactions

Some funds distributed from a retirement plan are not eligible for rollover into an IRA.  The following transactions are not eligible rollover transactions.

  • Any portion of a distribution from a retirement plan not rolled over
  • Required Minimum Distributions
  • Distribution of excess contributions and related earnings
  • Retirement plan loan treated as a distribution
  • Hardship distributions
  • Distributions part of substantially equal payments (72-t)
  • Dividends on employer securities
  • Non-spousal death benefit distributions
  • The cost of life insurance coverage

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Click here to return to the Retirement Account Resource page.

Disclaimer:  IB does not provide tax advice. These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any international, federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor. We recommend that you consult a qualified tax adviser or refer to the U.S. Internal Revenue Service.

IRA: Charitable Distribution

Overview: 

TAX UPDATE:  An extension of the Qualified Charitable Distribution provision through December 31, 2014 passed the House on December 3, 2014 and goes to the Senate for consideration. 

Among other tax breaks, The Tax Increase Prevention Act of 2014 would allow IRA owners to complete a QCD retroactively and to re-characterize the distribution as made on December 31, 2014.  IRA plan trustees, however, would report the distribution for 2014. 

You can track the bill at Govtrack.us.

 

IRA owners 70½ or older may request an IRA distribution direct to a “qualified charity.” The following FAQs provide basic answers.

 

Charitable Distributions

What is a Qualified Charitable Distribution (QCD)?

What is a "qualified charity?"

Where can an IRA owner find additional information on QCDs?

Withdrawal Processing

Can IB customers submit a QCD withdrawal online?

What amount may be withdrawn? Why?

Where are the funds disbursed?

Does the distribution count towards the Required Minimum Distribution (RMD) amount?

Eligible IRA Accounts

Is the Charitable Distribution allowed from all IRAs held at IB?

Are the QCDs allowed from other IRA and retirement plans not held at IB?

QCD Tax Reporting

How is the QCD reported to the IRS?

Can any taxes be withheld from the distribution?

Do federal taxes have to be paid on the distribution?

Does a state or municipal tax have to be paid on the distribution?

 

 

Charitable Distributions

What is a Qualified Charitable Distribution (QCD)?
A distribution from an eligible IRA to an eligible charitable organization from an individual 70 ½ or older

How to determine if a charity can receive the QCD?
The IRS article "Search for Charities" and Online IRS Publication 78, Cumulative List of Organizations, contain a list of organizations eligible to receive tax-deductible charitable contributions.

Where can an IRA owner find additional information on QCDs?
IRS Publication 590

 

Withdrawal Processing

Can IB customers submit a QCD withdrawal online?
Yes, but not through Account Management. Requests are processed manually.  The withdrawal request must be initiated by the IRA owner through a the Customer Service Message Center located within the Account Management menu.   Click the header Support and Message Center to access the secure Message Center.  You may submit the request directly to IB Customer Service using inquiry tickets and track the status.

What amount may be withdrawn? Why?
IB will process the tax-free QCD of any available amount from an eligible IRA. Why? Although the gifts must not exceed $100,000 per year to retain QCD status, gifts may exceed this limit.

Where are the funds disbursed?
Funds are made payable to the IRS qualified charity and sent direct to the charity. Only funds disbursed directly to the charity can be designated from your IRA as a QCD. 

Does the distribution count towards the Required Minimum Distribution (RMD) amount?
Yes

 

Eligible IRA Accounts

Is the Charitable Distribution allowed from all IRAs held at IB?
No, see the list below.  IRA owners should contact a qualified tax advisor about how to preserve QCD tax benefits. Not all distributions are created equal. A tax advisor will be able to assess an IRA owner’s best choice.

Traditional IRA > YES
Rollover IRA > YES
Roth IRA > YES
SEP IRA > NO
Education IRA > NO

Are the Charitable Distributions allowed from other IRA and retirement plans not held at IB?
No, not directly.  Retirement plans, employer sponsored SEP IRAs, and Simple IRAs (account classifications not held at IB) are not eligible for a QCD election. IRA owners may be eligible to rollover assets from these plans into a traditional, rollover, or Roth IRA to take a charitable distribution.  IRA owners should contact a qualified tax advisor or their retirement plan administrator.


QCD Tax Reporting

How is the QCD reported to the IRS?
Principal Trust Company, the IRA plan administrator for all IB IRAs, reports the distribution on Form 1099-R when issued.

 

Can any taxes be withheld from the distribution?
No.

Do federal taxes have to be paid on the distribution?
Generally, federal taxes are not paid with QCDs. But distributions in excess of the IRS limit may be subject to income tax.  IB recommends that customers contact a qualified tax advisor.

Does a state or municipal tax have to be paid on the distribution?
Contact your tax advisor or local tax authority on state and municipal requirements for the distributed amount.

 

Disclaimer:  IB does not provide tax advice. These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any international, federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor. We recommend that you consult a qualified tax advisor or refer to the U.S. Internal Revenue Service.

ACATS Transfer Guide (US brokerage account transfers)

ACATS Transfer Guide

Introduction

ACATS Transfer Benefits

Navigating The Process

Incoming Or Outgoing

Initiating Your Transfer

What To Expect

Who To Contact For Help

 

Introduction

Understanding the basic facts about transferring accounts between US brokerage firms can be help to avoid delays.  Through this article and other Knowledge Database resources, Interactive Brokers seeks to assist with your incoming and outgoing ACATS requests.

US brokerage firms utilize a standardized system to transfer customer accounts from one firm to another.  Known as the Automated Customer Account Transfer Service or ACATS, the process allows assets to move seamlessly between  brokerage firms in a unified time frame.   ACATS transfers are facilitated by a third party, the National Securities Clearing Corporation (NSCC), to assist participating members with timely asset transfers.

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ACATS Transfer Benefits

The majority of assets may be transferred between US brokerage firms and some banks through ACATS.  This standardized system includes stocks, US corporate bonds, listed options, unit investment trusts, mutual funds, and cash.  Information on assets eligible for transfer is provided at "Assets Eligible..."  Though impacted by multiple factors and time constraints, the accepted or rejected transfers finalize within 10 business days in most cases.

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Navigating The Process

4 simple steps of the ACATS process will help you understand the flow and minimize delays.  Familiarizing yourself with the transfer process helps to ensure a successful transition.

1.  Incoming or Outgoing

2.  Initiating Your Transfer

3.  What to Expect

4.  Who to Contact For Help 

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 1. Incoming or Outgoing

 

Incoming ACATS Transfers

The financial institution that is receiving your assets and account transfer is known as the "receiving firm."  Investors always work with and through the "receiving firm" to move full or partial account assets into a new broker. 

Contact the "receiving firm" (Interactive Brokers) to review the firm's trading policies and requirements.  You should verify that your assets are eligible for trading at the "receiving firm" before initiating the transfer request.   Not all ACATS transferable assets are acceptable for trading at every brokerage firm.

Outgoing ACATS Transfers

All outgoing ACATS transfers, full or partial, must be approved by the "delivering firm."  Investors, however, should work with and through the "receiving firm" in order to begin the the transfer process or to status the progress of the request.      

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2. Initiating Your Transfer

Investors must always begin the ACATS transfer with the "receiving firm."  An ACATS transfer form or Transfer Initiation Form (TIF) must be submitted.  The "receiving firm" takes your reqeust and communicates with the "delivering firm" via ACATS.  The process begins with this request for transfer of the account. 

For your Interactive Brokers Account, the transfer is usually submitted online.  Video instruction on submitting the transfer is provided at "How to deposit funds via a full ACATS/ATON Transfer."  or through Step-by-step instructions.

Note: Outgoing account transfers from your IB account should be directed to the other broker.  Your request will be submitted to IB from the other broker through the ACATS electronically.

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3. What to Expect

Your Account

Brokers ensure the safety and security of transfer requests by only authorizing requests between open accounts that meet the following criteria:

  • Same Account Title
  • Same Tax ID Number
  • Same Account Type

Transfer Approval

Ultimately responsible for validating the transfer,  the "delivering firm" may accept  information from the "receiving firm" correcting data originally entered.  Approved or validated requests result in the delivery of positions to the "receiving firm" for their acceptance.   Assets may not be accepted by the "receiving firm" for the following:

  • Non-marginable or Margin (credit) violation
  • Not Tradable
  • DTC Chill

Note: The most common reasons for ACATS rejections are outlined by clicking here.

Processing Time-frame

The processing time for each transfer request is fixed.  In general, approved transfers complete within 4 to 8 business days.  Almost all transfers complete within 10 business days.  Each firm is required to perform certain steps at specific intervals in the process.  Feel free to review the Full ACATS transfer process flow.

 

Fees

While Interactive Brokers does not charge a fee to transfer your account via ACATS, some brokers do apply a fee for full and partial transfers. Prior to initiating your transfer, you should contact the "delivering firm" to verify any charge.

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4.  Who To Contact For Help

Interactive Brokers Customer Service stands poised to assist with your incoming ACATS transfer reqeust.  Click here for Customer Service contact resources.

Note:  Outgoing or ACATS transfers sending accounts to another broker should be directed to the "receiving firm."  Their Account Transfer Group will work with Interactive Brokers directly to complete your outgoing request.

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Year End Statement & Report Comparison

Overview: 

The Interactive Brokers Year End Reports provide an activity review for US persons and US entities.  The various account statements provide the transaction details as the basis for each report.   Each of the standard reports spans the time period from January 1 through December 31.

Some reports, such as the Gain/Loss Summary Worksheet, may consolidate transactions and calculations.  For the sake of conserving volume, trade activity may be combined.  The account statements include all activity.  For your convenience and to assist with your reconcilation, customized statements permit activity displays suitable for your personal needs (see the tab "Customized Templates" for details).

All US tax reports include the total figures as required under the US tax laws.

Non-US Persons and Entities

Income paid from US sources to non-US  persons and entities may find this comparison helpful.  IB is required to withhold US taxes at a rate of 30% on payments of US source stock dividends and substitute payments in lieu. Both the withholding and the income is reported on the US tax Form 1042-S. 

For additional information about how IB handles non-US persons and entities, select this Tax Information and Reporting link  and choose the tab Non-US Persons and Entities.

Year End Reports (For Trading) Comparison shown below identifies the most common transaction types which appear on the year end reports.  Not all activity is included on each report.

Comparison of trades shown on the year end reports
Year End Reports Stock Bond Equity & Index Option Single Stock Futures Futures Forex
Form 1099 Sell Sell - - Gain/Loss -
Form 1042-S - - - - - -
Annual Statement Buy/Sell Gain/Loss Buy/Sell Gain/Loss Buy/Sell Gain/Loss

Buy/Sell Gain/Loss

Buy/Sell Gain/Loss

Buy/Sell Gain/Loss
Gain/Loss  Worksheet
Cost/Sell Gain/Loss Cost/Sell Gain/Loss Cost/Sell1 Gain/Loss1 Cost/Sell Gain/Loss - -
1256 Worksheet
- - Gain/Loss5 - Gain/Loss -

NOTES:  (1) Only cash settled; (2) Gain/Loss Worksheet was first published by IB with tax year 2007.  Worksheets for prior years are not available.  IB did provide gain and loss data on the Annual Statements; (3) The 1256 Worksheet was first published by IB with tax year 2008; (4)  Option transactions are not 1099 or 1042-S reportable transactions.  In accordance with the IRS guidelines, IB excludes the activity from the tax reports; (5)  Only broad-sed index options appear on the 1256 Worksheet

 

Year End Reports (For Income) Comparison shown below identifies the most common types of income which appear on the year end reports.  Not all income is reportable on a 1099 or Dividend Summary.

Comparison of income shown on the year end reports
Year End Reports Dividends Credit Interest Debit Interest Accruals Pay In Lieu Credit Pay In Lieu Debits Fees
Form 1099 Yes Yes No No Yes No No
Form 1042-S  Yes Yes No No Yes No No
Annual Statement Yes Yes Yes Yes Yes Yes Yes
Dividend Summary Yes No No No Yes Yes No
Gain/Loss Worksheet No No No No No No No
1256 Worksheet No No No No No No No

NOTES:   (1) US Tax Form 1042-S is provided to non-US persons/entities, along with the Dividend Summary.  The Tax Form reports interest, dividends, substitute payments in lieu, and US tax withholding from US securities; (2) For US persons/entities, the Dividend Summary may list dividends as potentially eligible for treatment as “Qualified” based on the holding period.  IB does not report this on the 1099-DIV or to the Internal Revenue Service; (3) Debit transactions are not 1099 or 1042-S reportable transactions.  In accordance with the IRS guidelines, IB excludes the activity from the tax reports; (4) Exchange, market data, and activity fees


 

 

Tax Reporting: When to expect Forms 1099-R and 5498

Forms 1099-R and 5498 are mailed to you directly from Principal Trust on February 1 and May 31, respectively.

IRS Circular 230 Notice: The information contained in this FAQ is provided for information purposes only, is not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations and does not resolve any tax issues in your favor. Refer to IRS Publication 590, Individual Retirement Accounts for additional information on IRAs in general and consult your tax advisor about your individual tax situation.

Can I contribute to an IRA if I already have a retirement plan through my employer?

Yes. You can contribute to a Roth IRA or Traditional IRA regardless of whether or not you have an employer-sponsored plan. While participation in a retirement plan does not change how much you can contribute to an IRA, it can affect whether or not you are eligible to deduct your Traditional IRA contributions on your tax return.

IRS Circular 230 Notice: The information contained in this FAQ is provided for information purposes only, is not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations and does not resolve any tax issues in your favor. Refer to IRS Publication 590, Individual Retirement Accounts for additional information on IRAs in general and consult your tax advisor about your individual tax situation.

Can I transfer IRA or other retirement plan assets?

Yes, you can transfer assets from trustee-to-trustee or as a rollover. Refer to the Understanding IRA Rollovers topic on the IB Knowledge Base for more information.

Can I open an IRA margin account at IB?

Yes, an IRA margin account allows you to immediately trade on your proceeds rather than waiting for your proceeds to settle, trade assets in multiple currencies and trade limited option spread combinations. IRA margin accounts have certain restrictions compared to regular margin accounts and borrowing is never allowed in this account. You may also upgrade an IRA Cash Account in Account Management on the Trading Configuration page, available in the Trading Access menu. Refer to the Reg T IRA section under the Account Types tab of the Trading Configuration page and the US Stock and Index Options tab under the Margin page on IB’s website for more information. You may also upgrade an IRA Cash Account on the Trading Configuration page in Account Management

IRS Circular 230 Notice: The information contained in this FAQ is provided for information purposes only, is not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations and does not resolve any tax issues in your favor. Refer to IRS Publication 590, Individual Retirement Accounts for additional information on IRAs in general and consult your tax advisor about your individual tax situation.

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