Insurance ch 10 (Tax, retirement)

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Which of the following is true is the owner of an IRA names their spouses as beneficiary, but then dies before distributions are made

The account can be rolled into the surviving spouses IRA

Traditional individual retirement annuity(IRA) distributions must start by

April 1st of the year following the year the participant attains age 70 1/2

How are Roth IRA distributions normally taxed

Distributions are received tax-free

In a qualified retirement plan, the yearly contributions to an employee’s account

Are restricted to maximum levels set by the irs

Which of the following is TRUE about a qualified retirement that is "top heavy"

More than 60% of plan assets are in key employee accounts

A qualified profit-sharing plan is designed to

Allow employees to participate in the profits of the company

What is the excise tax rate the IRS imposes on individuals aged 70 1/2 or older who do not take the required minimum distributions from their qualified retirement plan


Which tax would an IRA participant be subjected to on distributions received prior to age 59 1/2

Ordinary income tax and a 10% tax penalty for early withdrawal

An individual working part-time has an annual income of 25,000. If this individual has an IRA, what is the maximum deductible IRA contribution allowable


How long does an individual have "rollover" funds from an IRA or qualified plan

60 days

Premature IRA distributions are assessed a penalty tax of


A retirement plan that sets aside part of the company’s net income for distributions to qualified employees is called a

Profit-sharing plan

A 55 year old recently received a $30,000 distribution from a previous employer’s 401k plan, minus $6,000 withholding. Which federal taxes apply if none of the funds were rolled over?

Income taxes plus a10% penalty tax on 30,000

In an individual retirement account(IRA), rollover contributions are

Not limited by dollar amount

Rick recently died and left behind a individual IRA account in his name. His widow was forwarded the balance of IRA. The widow qualifies for the

Marital deduction

An employer that offers a qualified retirement plan to its employees is eligible to

Make tax-deductible contributions to the plan

First-time homebuyers are able to withdraw up to how much from their qualified IRA’s without incurring the 10% early withdrawal


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