Homework Answers
Answer- Form 8606 is used for all of the following purposes EXCEPT____
The correct option is a)-Claiming an exception to the penalty on an early distribution from a retirement plan.
Form 8606 is used for the following purposes:-
1-calculating the taxable portion of a traditional IRA distribution.
2- Distribution from traditional, SEP or simple IRA'S, if you have ever made Non-Deductible contribution to traditional IRA'S
3-Determining the taxable amount of a nonqualified distribution from a Roth IRA.
4-Determining the taxable amount of a traditional IRA converted to a Roth IRA.
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Question 61 of 75. Form 8606 is used for all of the following purposes EXCEPT Claiming...
Question 2 of 75 Fred turned 70% on October 1, 2016, He took the first required...
Question 2 of 75 Fred turned 70% on October 1, 2016, He took the first required minimum distribution from his t O December 31, 2017. O March 1, 2018 O April 1, 2018. O April 18, 2018. Mark for folow up Question 3 of 75 Form 8606 is used for all of the following purposes EXCEPT: O To claim an exception to the penalty on an early distribution from a retirement plan. To calculate the taxable portion of a traditional...
Question 60 of 75. Form 8606 is NOT required when a taxpayer Makes a deductible traditional...
Question 60 of 75. Form 8606 is NOT required when a taxpayer Makes a deductible traditional IRA contribution. Takes a qualified Roth IRA distribution. O Converts a SEP IRA to a Roth IRA. O Is over age 59 1/2 and converts a traditional IRA to a Roth IRA.
Question 5 1 pts What is the taxable character of distributions that are made from a...
Question 5 1 pts What is the taxable character of distributions that are made from a Roth IRA? Tax deferred income when converted to a traditional IRA Tax-free income if the distribution meets the holding period and qualified distribution requirements Capital gain income if the distribution meets the required holding period Ordinary income if the taxpayer fails to make required minimum distributions D Question 6 1 pts Which of following statements regarding a nonqualified distribution from a Roth IRA is...
I would like to have answer to this question. thanks Section 8 Question 26 of 30....
I would like to have answer to this question.
thanks
Section 8 Question 26 of 30. Rose files Form 5329 with her tax return. Part 1 of the form has been completed and shows a code 3 on line 2. There are no other entries on the form. Which of the following statements best describes why Rose would include this form with her 2018 return? She turned 55 years old during the tax year and received a retirement plan distribution...
D Question 7 1 pts Which of the following statements is NOT correct regarding the conversion...
D Question 7 1 pts Which of the following statements is NOT correct regarding the conversion of a traditional IRA to a Roth IRA? An amount distributed from a traditional IRA can be rolled over to a Roth IRA within 60 days of the distribution An amount in a traditional IRA may be transferred to a Roth IRA maintained by the same trustee The IRA owner's modified adjusted gross income (MAGI) cannot exceed $100,000 in the year of the conversion...
$125,000 Question 41 of 50. Taran is 42 years old and received a $19,950 distribution from...
$125,000 Question 41 of 50. Taran is 42 years old and received a $19,950 distribution from his Roth IRA, established in 2011. At the time of the distribution, the Roth IRA account totaled $33,748: $17,500 regular contributions, $11,000 taxable conversion contributions made in 2016, and $5,248 earnings. How much of his distribution is taxable and subject to the early distribution penalty? S0 taxable: $0 penalized. $0 taxable; $2,450 penalized. $0 taxable; $19,950 penalized. $2,450 taxable: $2,450 penalized. Intermediate Retirement Question...
I wanted to know if the answer I marked is correct Question 56 of 75. Carlie...
I wanted to know if the answer I marked is correct
Question 56 of 75. Carlie (28) is the beneficiary of her deceased grandmother's traditional IRA. She received a Form 1099-R reporting the $10,000 gross distribution. The form had a distribution code "4" in box 7, indicating that the distribution is due to death. What is the tax consequence of this distribution? The entire amount is tax-free and penalty-free. The only tax to which Carlie is subject is the 10%...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500 to their traditional IRAs for the 2018 tax year. They are both employed and file a joint income tax return. However, only Terry is eligible for and participates in his employer's qualified retirement plan. Terry and Nancy's modified AGI and earned income for the year 2018 is 599,000. What amount, if any, can Nancy deduct for her IRA contribution? . $200 $5,500 $4,400 $2,500...
1)Which of the following is an important difference between qualified and nonqualified retirement plans? a. Qualified...
1)Which of the following is an important difference between qualified and nonqualified retirement plans? a. Qualified plans provide benefits for retirees who were high-performing employees, while nonqualified plans provide benefits for retirees whose performance did not meet minimum job expectations. b. Employer contributions are deductible when paid to a qualified plan, but deductible when paid to the employee under a nonqualified plan. c. Employer contributions to nonqualified plans are subject to dollar limits, but contributions to qualified plans are unlimited. d. Earnings of...
QUESTION 4 All of the following should be included in the tax constraint for an individual...
QUESTION 4 All of the following should be included in the tax constraint for an individual investor EXCEPT: Penalty tax on an early distribution from the investor's traditional IRA. Tax on the sale of an antique car held for 9 months. Social Security taxes withheld from the investor's paycheck. Capital gain tax on the sale of a rental real estate property.
Question 2 of 75 Fred turned 70% on October 1, 2016, He took the first required minimum distribution from his t O December 31, 2017. O March 1, 2018 O April 1, 2018. O April 18, 2018. Mark for folow up Question 3 of 75 Form 8606 is used for all of the following purposes EXCEPT: O To claim an exception to the penalty on an early distribution from a retirement plan. To calculate the taxable portion of a traditional...
Question 60 of 75. Form 8606 is NOT required when a taxpayer Makes a deductible traditional IRA contribution. Takes a qualified Roth IRA distribution. O Converts a SEP IRA to a Roth IRA. O Is over age 59 1/2 and converts a traditional IRA to a Roth IRA.
Question 5 1 pts What is the taxable character of distributions that are made from a Roth IRA? Tax deferred income when converted to a traditional IRA Tax-free income if the distribution meets the holding period and qualified distribution requirements Capital gain income if the distribution meets the required holding period Ordinary income if the taxpayer fails to make required minimum distributions D Question 6 1 pts Which of following statements regarding a nonqualified distribution from a Roth IRA is...
I would like to have answer to this question.
thanks
Section 8 Question 26 of 30. Rose files Form 5329 with her tax return. Part 1 of the form has been completed and shows a code 3 on line 2. There are no other entries on the form. Which of the following statements best describes why Rose would include this form with her 2018 return? She turned 55 years old during the tax year and received a retirement plan distribution...
D Question 7 1 pts Which of the following statements is NOT correct regarding the conversion of a traditional IRA to a Roth IRA? An amount distributed from a traditional IRA can be rolled over to a Roth IRA within 60 days of the distribution An amount in a traditional IRA may be transferred to a Roth IRA maintained by the same trustee The IRA owner's modified adjusted gross income (MAGI) cannot exceed $100,000 in the year of the conversion...
$125,000 Question 41 of 50. Taran is 42 years old and received a $19,950 distribution from his Roth IRA, established in 2011. At the time of the distribution, the Roth IRA account totaled $33,748: $17,500 regular contributions, $11,000 taxable conversion contributions made in 2016, and $5,248 earnings. How much of his distribution is taxable and subject to the early distribution penalty? S0 taxable: $0 penalized. $0 taxable; $2,450 penalized. $0 taxable; $19,950 penalized. $2,450 taxable: $2,450 penalized. Intermediate Retirement Question...
I wanted to know if the answer I marked is correct
Question 56 of 75. Carlie (28) is the beneficiary of her deceased grandmother's traditional IRA. She received a Form 1099-R reporting the $10,000 gross distribution. The form had a distribution code "4" in box 7, indicating that the distribution is due to death. What is the tax consequence of this distribution? The entire amount is tax-free and penalty-free. The only tax to which Carlie is subject is the 10%...
Question 9 1pts Terry and Nancy are both age 39 and each plan to contribute $5,500 to their traditional IRAs for the 2018 tax year. They are both employed and file a joint income tax return. However, only Terry is eligible for and participates in his employer's qualified retirement plan. Terry and Nancy's modified AGI and earned income for the year 2018 is 599,000. What amount, if any, can Nancy deduct for her IRA contribution? . $200 $5,500 $4,400 $2,500...
QUESTION 4 All of the following should be included in the tax constraint for an individual investor EXCEPT: Penalty tax on an early distribution from the investor's traditional IRA. Tax on the sale of an antique car held for 9 months. Social Security taxes withheld from the investor's paycheck. Capital gain tax on the sale of a rental real estate property.
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