Telly, age 38, has a $140,000 IRA with Blue Mutual Fund. He has read good things about
Question:
a. What amount will Telly receive from the Blue Fund IRA? $____________
b. What amount must Telly contribute to the Green Fund IRA to avoid having taxable income and penalties for early withdrawal? $____________
c. When is the last day Telly can roll over the amount received into the Green Fund IRA and avoid taxation in the current year, assuming no unusual circumstances? ____________
d. What amount would Telly receive if the distribution were from his employer’s qualified retirement plan? $____________
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
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