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Question 2 of 75 Fred turned 70% on October 1, 2016, He took the first required...
Question 61 of 75. Form 8606 is used for all of the following purposes EXCEPT Claiming...
Question 61 of 75. Form 8606 is used for all of the following purposes EXCEPT Claiming an exception to the penalty on an early distribution from a retirement plan. Calculating the taxable portion of a traditional IRA distribution. Determining the taxable amount of a nonqualified distribution from a Roth IRA. U Determining the taxable amount of a traditional IRA converted to a Roth IRA.
In 2011, Pamelia invested $5,000 in a Roth IRA. In 2017, at age 60, Pamelia withdrew...
In 2011, Pamelia invested $5,000 in a Roth IRA. In 2017, at age 60, Pamelia withdrew the entire balance, which then totaled $7,000 with the earnings that had accumulated over the years. What is the tax treatment of this distribution? The $7,000 is not included in income, but Pamelia must pay a 10% penalty on the entire distribution. O The $2,000 in earnings is included in income, and Pamelia is required to pay a 10% penalty on the entire distribution....
O$o O $2,000 O $10,000 O $12,000 Mark for follow up Question 2 of 75. Complete...
O$o O $2,000 O $10,000 O $12,000 Mark for follow up Question 2 of 75. Complete this sentence with the correct response. Form 8606 is NOT required when the taxpayer: O Takes a qualified Roth IRA distribution. Makes a deductible traditional IRA contribution. Converts a SEP IRA to a Roth IRA is over age 59% and converts a traditional IRA to a Roth IRA Mark for follow up Question 3 of 75. wibt hmp sum lection means the taxpaver ele
Irma. yes Michael Maria. yes Mark for follow up Jestion 3 of 41. 2015, Janelle converted...
Irma. yes Michael Maria. yes Mark for follow up Jestion 3 of 41. 2015, Janelle converted $10,000 from her traditional IRA to a Roth IRA. In 2018, Janelle, then age 47, took a stribution from the Roth IRA. The value of the Roth IRA at the time was $11,000. What is the tax treatment o stribution? None of the distribution is included in income, BUT there is a 10% tax penalty on the entire distribution. The distribution is NOT included...
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 39 of 50 Jin is 34 years old. He contributed $3,750 to a Roth IRA...
Question 39 of 50 Jin is 34 years old. He contributed $3,750 to a Roth IRA in 2015 and $2,500 in 2016. In 2018, he withdrew the entire balance, which had grown to $6,913. The amount of Jin's withdrawal that is taxable and subject to penalty is $0 taxable and $663 subject to penalty $663 taxable and $663 subject to penalty. $6,913 taxable and $663 subject to penalty. $0 taxable and $6,913 subject to penalty.
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...
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
$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...
Mark for follow up Question 45 of 75. Manuel's home was destroyed in Hurricane Irma and...
Mark for follow up Question 45 of 75. Manuel's home was destroyed in Hurricane Irma and he qualified for a disaster distribution. He withdrew from his IRA on October 30, 2017, which he included in his gross income on his 2017 tax return. In 2015, Manuel was stieto deposit $60,000 in his IRA. What is the tax treatment of the $60,000 deposit? The deposit reduces his 2017 distribution. He will file a revised Form 8915B and an amended return for...
Question 61 of 75. Form 8606 is used for all of the following purposes EXCEPT Claiming an exception to the penalty on an early distribution from a retirement plan. Calculating the taxable portion of a traditional IRA distribution. Determining the taxable amount of a nonqualified distribution from a Roth IRA. U Determining the taxable amount of a traditional IRA converted to a Roth IRA.
In 2011, Pamelia invested $5,000 in a Roth IRA. In 2017, at age 60, Pamelia withdrew the entire balance, which then totaled $7,000 with the earnings that had accumulated over the years. What is the tax treatment of this distribution? The $7,000 is not included in income, but Pamelia must pay a 10% penalty on the entire distribution. O The $2,000 in earnings is included in income, and Pamelia is required to pay a 10% penalty on the entire distribution....
O$o O $2,000 O $10,000 O $12,000 Mark for follow up Question 2 of 75. Complete this sentence with the correct response. Form 8606 is NOT required when the taxpayer: O Takes a qualified Roth IRA distribution. Makes a deductible traditional IRA contribution. Converts a SEP IRA to a Roth IRA is over age 59% and converts a traditional IRA to a Roth IRA Mark for follow up Question 3 of 75. wibt hmp sum lection means the taxpaver ele
Irma. yes Michael Maria. yes Mark for follow up Jestion 3 of 41. 2015, Janelle converted $10,000 from her traditional IRA to a Roth IRA. In 2018, Janelle, then age 47, took a stribution from the Roth IRA. The value of the Roth IRA at the time was $11,000. What is the tax treatment o stribution? None of the distribution is included in income, BUT there is a 10% tax penalty on the entire distribution. The distribution is NOT included...
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 39 of 50 Jin is 34 years old. He contributed $3,750 to a Roth IRA in 2015 and $2,500 in 2016. In 2018, he withdrew the entire balance, which had grown to $6,913. The amount of Jin's withdrawal that is taxable and subject to penalty is $0 taxable and $663 subject to penalty $663 taxable and $663 subject to penalty. $6,913 taxable and $663 subject to penalty. $0 taxable and $6,913 subject to penalty.
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...
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
$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...
Mark for follow up Question 45 of 75. Manuel's home was destroyed in Hurricane Irma and he qualified for a disaster distribution. He withdrew from his IRA on October 30, 2017, which he included in his gross income on his 2017 tax return. In 2015, Manuel was stieto deposit $60,000 in his IRA. What is the tax treatment of the $60,000 deposit? The deposit reduces his 2017 distribution. He will file a revised Form 8915B and an amended return for...
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