The following are all true statements about a tax free rollover to an IRA

The following are all true statements about a tax

This preview shows page 6 - 9 out of 16 pages.

33. The following are all true statements about a tax-free rollover to an IRA, except: *a. Only lump-sum distributions are eligible.b. The participant, but not a nonspousal beneficiary, is eligible for rollover, as a general rule.c. An eligible rollover can include the nontaxable portion of the distribution.d. The rollover must take place within 60 days of the distribution. 34. The following represent tax advantages of a qualified pension plan, except: 35. Ken Loop is a 15 percent partner in Snoop, Inc., private investigators. He is vested to the extent of $60,000 in the firm's defined benefit Keogh plan. If the plan permits it and adequate
Image of page 6
security and interest are provided, the maximum amount Ken may borrow from the plan is: 36. The following statements about Roth IRAs are all true, except: 37. The maximum yearly amount that an employee may contribute to a SIMPLE is: a. $2,500b. $3,000c. $17,500d. $5,500*e. $12,000 38. The maximum percentage of an employee's pay that an employer must contribute to the employee's SIMPLE is: 39. George Walker becomes age 70 on July 6, Year 1. If George maintains a taxable traditional IRA, what is the deadline for his first required minimum distribution? 40. Which of the following statements concerning Section 529 qualified state tuition plans is correct?
Image of page 7
Image of page 8
Image of page 9

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture