15. Telly, age 38, has a $140,000 IRA with Blue Mutual Fund. He has read good things about the management of Green Mutual Fund, so he opens a Green Fund IRA.

Telly asked for and received his balance from the Blue Fund on May 1, 2010.

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?

$ ____________