Harrison made after-tax contributions to his employer's qualified plan of $10,000. At the time he requested...
Harrison made after-tax contributions to his employer's qualified plan of $10,000. At the time he requested a nonperiodic distribution, his account balance was $97,000. He received a one-time distribution of $15,000. How much of the distribution is tax-free?
$0
$1,546
$5,000
$10,000
Homework Answers
Answer:
Tax - free distribution = (Basis/Account balance)*Distribution amount
=($10,000/$97,000)*$15,000
=$1,546.39
=$1,546
There fore the correct option is b) $1,546
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