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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 |
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Traditional individual retirement annuity(IRA) distributions must start by |
April 1st of the year following the year the participant attains age 70 1/2 |
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How are Roth IRA distributions normally taxed |
Distributions are received tax-free |
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In a qualified retirement plan, the yearly contributions to an employee’s account |
Are restricted to maximum levels set by the irs |
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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 |
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A qualified profit-sharing plan is designed to |
Allow employees to participate in the profits of the company |
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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 |
50% |
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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 |
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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 |
25,000 |
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How long does an individual have "rollover" funds from an IRA or qualified plan |
60 days |
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Premature IRA distributions are assessed a penalty tax of |
10% |
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A retirement plan that sets aside part of the company’s net income for distributions to qualified employees is called a |
Profit-sharing plan |
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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 |
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In an individual retirement account(IRA), rollover contributions are |
Not limited by dollar amount |
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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 |
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An employer that offers a qualified retirement plan to its employees is eligible to |
Make tax-deductible contributions to the plan |
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First-time homebuyers are able to withdraw up to how much from their qualified IRA’s without incurring the 10% early withdrawal |
$10,000 |
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