Homework Answers
Answer: 2nd option
If a person reaches the age 70 ½ years, the first IRA must be withdrawn on April 1 in the following year. Since such required age is reached in the year 2017, as per IRS rule the RMD is due to be withdrawn by 1st April, 2018.
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Question 3 of 75 Walter reached age 70% in September of 2017 traditional IRA? By what...
Question 13 of 75. Walter reached age 70% in September of 2017. By what date is...
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
In For follow up Question 39 of 50. Jack reached age 70% in December of 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 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...
Andre makes annual contributions of $5,000 to his traditional IRA. If he reaches age 70½ on...
Andre makes annual contributions of $5,000 to his traditional IRA. If he reaches age 70½ on January 22, 2018, what is the maximum deductible contribution that he can make for 2018? O B. $5,000 O C. $5,500 O D. $6,500
Susan has a traditional IRA and was born on August 1, 1947. What is the deadline...
Susan has a traditional IRA and was born on August 1, 1947. What is the deadline for her to take her first Required Minimum Distribution? a. August 1, 2017 b. February 1, 2018 c. December 31, 2018 d. April 1, 2019
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 59 of 75. Opal has traditional IRAs with a value of $250,000 as of D...
Question 59 of 75. Opal has traditional IRAs with a value of $250,000 as of D a value of $250,000 as of December 30 2017 She will turn 70 112 on October 30, 2018 and would like to take her RMD by December 21 2018 How much of a distribution should she a distribution should she take to meet the RMD? O O O $10,000 $9,434 $9,124 $0, no distribution is required
Question 42 of 50. Patrick and Debra are married and file a joint return. The couple...
Question 42 of 50. Patrick and Debra are married and file a joint return. The couple has a modified AGI of $59,000. Patrick contributed $5,500 to his traditional IRA for the tax year. Neither Patrick nor Debra have ever taken a distribution from a retirement plan. Assuming there is no limitation based on their tax liability. Patrick and Debra's Saver's Credit is $200 O $400 O $800 $4,000 Mark for follow up Question 43 of 50. Kenyatta has traditional IRAs...
When a taxpayer receives form 1099-R with no amount entered in box 2a and code7 in...
When a taxpayer receives form 1099-R with no amount entered in box
2a and code7 in box 7 the entire distribution:
□Mark for follow up Que Question 6 of 75 Which of the following distributions is eligible for rollover treatment O The required minimum di work and is an active participant in his current employer's qualified plan. O A hardship distribution. By the time the distribution was received, the taxpayer no longer faced the hardship O A distribution of excess...
Question 8 1 pts When must an individual commence distributions from a traditional IRA? O No...
Question 8 1 pts When must an individual commence distributions from a traditional IRA? O No later than April 1 of the calendar year following the year in which the individual attains age 70% No later than April 1 of the calendar year in which the individual attains age 70% O No later than April 1 of the calendar year in which the individual attains age 594 O No later than as specified in IRS life expectancy tables for the...
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
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 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...
Andre makes annual contributions of $5,000 to his traditional IRA. If he reaches age 70½ on January 22, 2018, what is the maximum deductible contribution that he can make for 2018? O B. $5,000 O C. $5,500 O D. $6,500
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 59 of 75. Opal has traditional IRAs with a value of $250,000 as of D a value of $250,000 as of December 30 2017 She will turn 70 112 on October 30, 2018 and would like to take her RMD by December 21 2018 How much of a distribution should she a distribution should she take to meet the RMD? O O O $10,000 $9,434 $9,124 $0, no distribution is required
Question 42 of 50. Patrick and Debra are married and file a joint return. The couple has a modified AGI of $59,000. Patrick contributed $5,500 to his traditional IRA for the tax year. Neither Patrick nor Debra have ever taken a distribution from a retirement plan. Assuming there is no limitation based on their tax liability. Patrick and Debra's Saver's Credit is $200 O $400 O $800 $4,000 Mark for follow up Question 43 of 50. Kenyatta has traditional IRAs...
When a taxpayer receives form 1099-R with no amount entered in box
2a and code7 in box 7 the entire distribution:
□Mark for follow up Que Question 6 of 75 Which of the following distributions is eligible for rollover treatment O The required minimum di work and is an active participant in his current employer's qualified plan. O A hardship distribution. By the time the distribution was received, the taxpayer no longer faced the hardship O A distribution of excess...
Question 8 1 pts When must an individual commence distributions from a traditional IRA? O No later than April 1 of the calendar year following the year in which the individual attains age 70% No later than April 1 of the calendar year in which the individual attains age 70% O No later than April 1 of the calendar year in which the individual attains age 594 O No later than as specified in IRS life expectancy tables for the...
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