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Beverly age 76 forgot to take her 2018 required minimum distribution her account balance on December...
Bev, age 76, forgot her 2018 RMD. Her account balance on 12/31/2017 was$220000. What is her excess accumulations penalty? A. $500 B. $5000 C. $5189 D. $10000
At December 31, 2018, the Accounts Receivable balance of Foley Distribution Service is $185,000. The Allowance for Bad Debts account has a $14,160 debit balance. Foley Distribution Service prepares the following aging schedule for its accounts receivable: (Click the lcon to view the aging schedule.) Read the requirements Requirement 1. Joumalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. Begin by...
Terrance is age 71 and retired. Beginning in 2018, he must start taking minimum distributions from his IRA account that had a balance of $150,000 as of December 31, 2017, Make these three assumptions: His IRA will earn 8% per year, he will withdraw the minimum distribution on the last day of each calendar year, and only one distribution will be taken in 2018. Calculate the amount of his distribution for years 2018 through 2022 and the ending balance in...
Question 3 of 75 Walter reached age 70% in September of 2017 traditional IRA? By what date is he required to begin taking the required minimum distribution from his December 31, 2017 April 1, 2018 April 18, 2018 O December 31, 2018
In For follow up Question 39 of 50. Jack reached age 70% in December of 2018. Jack is required to in December of 2018. Jack is required to begin taking the required minimum distribution (PMD) from his traditional IRA by O April 1, 2019 O July 1, 2019 O October 15, 2019 O December 31, 2019 Mark for follow up hoe salary red
Question 13 of 75. Walter reached age 70% in September of 2017. By what date is he required to begin taking the required minimum distribution from his traditional IRA? O December 31, 2017 O April 1, 2018 O April 18, 2018 O December 31, 2018 Mark for follow up
Terrance is age 71 and retired. Beginning in 2018, he must start taking minimum distributions from his IRA account that had a balance of $195,000 as of December 31, 2017. Make these three assumptions: his IRA will earn 10% per year; he will withdraw the minimum distribution on the last day of each calendar year, and only one distribution will be taken in 2018. Calculate the amount of his distribution for years 2018 through 2022 and the ending balance in...
Linda, age 55, needed some cash so she withdrew $60,000 from her Roth IRA. At the time of the distribution, the balance in the Roth IRA was $150,000. Lisa established the Roth IRA 10 years ago. Over the years, she has contributed $20,000 to her account. What amount of the distribution is taxable and subject to early distribution penalty? Select one: a. $40,000 is taxable and $40,000 is subject to the penalty b. $0 is taxable and $40,000 is subject...
Jimmer has contributed $25,000 to his Roth IRA and the balance in the account is $28,000. In the current year, Jimmer withdrew $26,000 from the Roth IRA to pay for a new car. If Jimmer’s marginal ordinary income tax rate is 21 percent, what amount of tax and penalty, if any, is Jimmer required to pay on the withdrawal in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) a. Jimmer opened the Roth account...
joseline waited until December 12, 2019, to file her 2018 form 1040 return. she did not request an extension. Her balance due for 2018 is $461. what is her failure to file penalty?