Premature withdrawals from retirement plans may be subject to an extra tax (10 percent penalty). Which of the following claims about IRA distributions is correct
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Premature withdrawals from retirement plans may be subject to an extra tax (10 percent penalty). Which of the following claims about IRA distributions is correct?
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- Which of the following statements about traditional IRAs is TRUE? Taxable investment income, such as interest, dividends, and capital gains, will qualify as compensation for the purpose of contributing to an IRA. Taxpayers who participate in an employer-sponsored retirement plan are prohibited from contributing to an IRA. Taxpayers with a timely-filed extension have until October 15 of the tax year to establish and contribute to an IRA. Taxpayers have until the due date of the return (not including extensions) to reduce their tax liability by contributing to an IRA.An IRA that is nondeductible and with earrnings inside the IRA are not taxable and qualified distributions are tax-free is called a: a. Roth IRA b. a traditional IRA c. rollover IRA d. non of the above.The calculation used by Social Security to calculate retirement benefits is meant to replace a(n) _________of preretirement income for low-income retirees than for high-income retirees
- Which of the following statements concerning contributions to traditional IRAS is correct? (A) Contributions may be used to buy life insurance policies. (B) Contributions may be deductible or nondeductible. (C) Contributions may be commingled with a taxpayer's other assets. (D) The maximum contribution is 25 percent of the taxpayer's income.How would a client re-contribute a coronavirus-related payout to their individual retirement account (IRA)?Payment of retirement benefits: A. Increases the PBO. B. Increases the ABO. C. Reduces the GBO. D. Reduces the PBO
- T w up Question 33 of 50. Which of the following statements about traditional IRAs is TRUE? O Taxable investment income, such as interest, dividends, and capital gains, will qualify as compensation for the purpose of contributing to an IRA. Taxpayers who participate in an employer-sponsored retirement plan are prohibited from contributing to an IRA. Taxpayers with a timely-filed extension have until October 15 of the tax year to establish and contribute to an IRA. Taxpayers have until the due date of the return (not including extensions) to reduce their tax liability by contributing to an IRA. Mark for follow up Question 34 of 50.1.What factors would you use to determine whether an individual should contribute to a Roth IRA or Traditional IRA? A. Income and participation status B. Current vs. Assumed future tax bracket C. Ability to offset Roth contribution as income with other losses, deductions, and/or credits D. Age of individual E. All the above are correctWhat are two ways to measure the obligation for postretirement benefits other than pensions? Define these measurement approaches.
- Which of the following are considered tax-sheltered annuity plans? Education IRAs Stock bonus plans . Profit-sharing plans. Money-purchase pension plans . 401(k) plans, Section 403(b) plans, and Section 457 plansIndividual Retirement Accounts (IRAS) are: A. Self-directed retirement accounts set up by individuals, not your employer B. Are a type of a Defined Benefit Plan C. Both A & B D. None of the aboveIn a defined benefit plan, the retirement benefit will vary according to rates of return on pension fund reserves. True False