Regarding corona-virus related distributions (CVDs) taken from IRAs in 2020: A The maximum CVD amount was $50,000. B CVDs are always subject to federal income tax, but they are exempt from the 10% early distribution penalty tax. C You could take up to $100,000 of CVDs from your IRAs. D CVDs must be repaid to an IRA or eligible qualified plan account within five years of the distribution date.
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Regarding corona-virus related distributions (CVDs) taken from IRAs in 2020:
A | The maximum CVD amount was $50,000. |
B | CVDs are always subject to federal income tax, but they are exempt from the 10% early distribution penalty tax. |
C | You could take up to $100,000 of CVDs from your IRAs. |
D | CVDs must be repaid to an IRA or eligible qualified plan account within five years of the distribution date. |
The CARES Act of 2020 offers substantial assistance to companies and individuals harmed by the COVID-19 epidemic. This involves permitting retirement investors impacted by the coronavirus to withdraw up to $100,000 of their retirement funds without incurring early withdrawal fines and providing them with a longer window for repaying the income tax owed on the amounts withdrawn.
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- An insurer needs to make the following annuity payments to an individual: £445 paid at the end of each month during the first 15 years and then £448 paid at the end of each 4 months for the following 8 years. Assuming an effective monthly interest rate of 1.3% throughout the entire period, how much total fund the insurer needs to hold today in order to meet these payments? ( correct answer =31470.44, using formulas no tables)Blake Miller recently received his monthly MasterCard bill for the period June 1-30, 2021, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 23 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows: Previous Balance: $303 Purchases: Payments: June 4 $111 June 21 $35 June 12 $45 June 20 $127 June 26 $43 What are his ADB and finance charges for the period? (Use a table like the one in Exhibit 6.7 for your calculations.) Round the answers to the nearest cent. ADB: $ Finance charges: $If you wish to accumulate $10,000 over a 5-year period by placing $200 a month, starting next month, into a Roth IRA retirement fund that pays 6% per year, compounded quarterly with no interperiod compounding, the NPER function to determine the number of deposits is: (a) = NPER(4.568%,−200,10000) (b) = NPER(1.5%,200,10000) (c) = NPER(1.5%,−600,10000) (d) = NPER(2%,600,−10000)
- Someone needs to make the following annuity payments to an individual: £445 paid at the end of each month during the first 15 years and then £448 paid at the end of each 4 months for the following 8 years. Assuming an effective monthly interest rate of 1.3% throughout the entire period, how much total fund the insurer needs to hold today in order to meet these payments? correct answer = 31470.44, NO TABLES, ONLY FORMULAS, PLEASEIn 2012 the maximum Social Security deposit by an individual was $8,386.75. Suppose you are 29 and make a deposit of this amount into an account at the end of each year. How much would you have (to the nearest dollar) when you retire if the account pays 3% compounded annually and you retire at age 65?$Don't copy otherwise will report. A life insurance company will sell a 17-year annuity paying $1,200 at the end of each month for $110,000. What quarterly compounded nominal rate of interest with the annuitant earn?
- Blue Skies Bank of Florida issues a three-month (90-day) negotiable CD in the amount of $20 million to ABC Insurance Company at a negotiated annual interest rate of 2.75 percent (360 day basis). Calculate the value of this CD account on the day it matures and the amount of interest income ABC will earn. What interest return will ABC Insurance earn in a 365 day year? write the laws pleasWhat should be the balance in a Registered Retirement Income Fund (RRIF) that will provide $2,500 at the beginning of each month for 6 years, if the RRIF earns 3.50% compounded quarterly? $0.00 Round to the nearest centOn January 1, 2021, Tropical Paradise borrows $37,000 by agreeing to a 6%, six-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties to potential customers. Loan payments of $613.20 are due at the end of each month with the first installment due on January 31, 2021. Required: Record the issuance of the installment note payable and the first two monthly payments. (Do not round intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 1. Record the issuance of a note payable. 2. Record the first monthly payment. 3. Record the second monthly payment.
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