Harshim made after-tax contributions to his employer's qualified plan of $7,000. At the time he requested...
Harshim made after-tax contributions to his employer's qualified plan of $7,000. At the time he requested a nonperiodic distribution, his account balance was $49,000. He received a one-time distribution of $14,000. How much of the distribution is tax free?
a.$0
b. $2000
C. $7000
d. $14,000
Homework Answers
Tax - free distribution = (Basis/Account balance)*Distribution amount
=($7,000/$49,000)*$14,000
=$2,000
There fore the correct option is b) $2,000
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Abey Abraham Thu, Jul 15, 2021 6:03 AM