. In January, Donna’s dad, who is 75 years old, agreed in an email with his financial advisor that he wanted to take a distribution of $50,000 from his IRA and roll it over into a new IRA. His financial advisor inadvertently moved the funds into a taxable account. This mistake was discovered by the advisor at the end of the year. The IRS would likely grant a waiver to the 60-day rollover requirement, thereby permitting additional time for Donna’s dad to roll the money into a new IRA.
a. True
b. False
| TRUE | |||||||
| As 60 day period waiver would be granted to Donna's Dad to rollover the money into a new IRA. | |||||||
| As the fund was transferred mistakenly by his finnacial advisor in a taxable account. | |||||||
. In January, Donna’s dad, who is 75 years old, agreed in an email with his...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...