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Question 46 of 75. For a beneficiary to receive a qualified distribution from a Roth IRA,...
For a beneficiary to receive a qualified distribution from a Roth IRA, who must meet the...
For a beneficiary to receive a qualified distribution from a Roth IRA, who must meet the five-year requirement? a. The Roth IRA owner b. The beneficiary before taking distribution c. Both the owner and the beneficiary d. Either the owner or the beneficiary, before taking the distribution
Question 56 of 75. Massimo (47) takes a $9,000 distribution from his IRA to pay some...
Question 56 of 75. Massimo (47) takes a $9,000 distribution from his IRA to pay some of his daughter's $12,000 qualified education expenses at an eligible educational institution. His daughter paid $4,000 of her expenses with a tax-free scholarship. How much of Massimo's IRA distribution is subject to the 10% tax on early distributions? O $9,000 O $3,000 O $1,000 O $0 Mark for follow up Question 57 of 75. Brittney is a 31-year-old single taxpayer with a modified adjusted...
Linda, age 55, needed some cash so she withdrew $60,000 from her Roth IRA. At the...
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...
MIKRO Romow up Question 50 of 75. Generally, if the owner of an IRA dies before...
MIKRO Romow up Question 50 of 75. Generally, if the owner of an IRA dies before beginning required minimum distributions, the designated hereticiary must: Take the entire amount in lump-sum in the year after the year of death. Take the required minimum distributions for the years after the year of death Take the entire amount within five years after the year of death Begin to take the required minimum distributions when the beneficiary turns 70% Mark for follow up estion...
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...
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 40 of 100. Which of the following is subject to the 10-year distribution rule for...
Question 40 of 100. Which of the following is subject to the 10-year distribution rule for beneficiaries of certain inherited retirement plans? с Faye (67) died leaving her friend, Eloise (56), as the designated beneficiary of her 401(k). Maurice (86) died leaving his disabled daughter, Sophia (54), as the designated beneficiary of his traditional IRA no Coco (91) died leaving her neighbor, Malla (69), as the designated beneficiary of her traditional IRA. no When Francis (76) died, his 401(k) plan...
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%...
1) Victoria (42) is the sole proprietor of bakery. in 2018, she made SEP IRA contributions...
1) Victoria (42) is the sole proprietor of bakery. in 2018, she made SEP IRA contributions on behalf of herself and three employees. Her contributions were made in the following amounts: $9,000 in employer contributions for her employees. $2,500 in employer contributions to her own SEP IRA. How much will Victoria deduct on schedule 1 (Form 1040), line 28 (Self-employed SEP, SIMPLE, and qualified plans)? A)$2,500 B)$5,500 C)$9,000 D)$11,500 2) Edna, a single taxpayer, has traditional IRAs with a value...
federal income tax question Question 2 of 10. Jenna, a small business owner, started a SIMPLE-IRA...
federal income tax question
Question 2 of 10. Jenna, a small business owner, started a SIMPLE-IRA plan on January 1 2019. She makes a 3% matching contribution to the accounts. Her employees are as follows: • Henry, $24,000 compensation, defers 5% of salary • Justine, 535,000 compensation, defers 10% of salary • Niam, $40.000 compensation, defers 0% of salary Jenna's net self-employment income is $90.000 and she contributes 10% of her salary. How much does Jenna's business contribute in matching...
Question 56 of 75. Massimo (47) takes a $9,000 distribution from his IRA to pay some of his daughter's $12,000 qualified education expenses at an eligible educational institution. His daughter paid $4,000 of her expenses with a tax-free scholarship. How much of Massimo's IRA distribution is subject to the 10% tax on early distributions? O $9,000 O $3,000 O $1,000 O $0 Mark for follow up Question 57 of 75. Brittney is a 31-year-old single taxpayer with a modified adjusted...
MIKRO Romow up Question 50 of 75. Generally, if the owner of an IRA dies before beginning required minimum distributions, the designated hereticiary must: Take the entire amount in lump-sum in the year after the year of death. Take the required minimum distributions for the years after the year of death Take the entire amount within five years after the year of death Begin to take the required minimum distributions when the beneficiary turns 70% Mark for follow up estion...
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...
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 40 of 100. Which of the following is subject to the 10-year distribution rule for beneficiaries of certain inherited retirement plans? с Faye (67) died leaving her friend, Eloise (56), as the designated beneficiary of her 401(k). Maurice (86) died leaving his disabled daughter, Sophia (54), as the designated beneficiary of his traditional IRA no Coco (91) died leaving her neighbor, Malla (69), as the designated beneficiary of her traditional IRA. no When Francis (76) died, his 401(k) plan...
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%...
federal income tax question
Question 2 of 10. Jenna, a small business owner, started a SIMPLE-IRA plan on January 1 2019. She makes a 3% matching contribution to the accounts. Her employees are as follows: • Henry, $24,000 compensation, defers 5% of salary • Justine, 535,000 compensation, defers 10% of salary • Niam, $40.000 compensation, defers 0% of salary Jenna's net self-employment income is $90.000 and she contributes 10% of her salary. How much does Jenna's business contribute in matching...
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