11. What is the maximum amount of a ROTH IRA early distribution that is not penalized if used to purchase a new home as a first-time homebuyer?

a. 2,500

b. 5,000

c. 6,000

d. 10,000

12. Ted, age 41, files single. He earned 52,875 in wages and had no other income in 2015. Ib April 14,2016 he filed for an automatic six-month extension to file his tax return. Three weeks later, on MAY 5, he timely filed his 2015 tax return. Which tax statement best describes his eligibility to contribute to an IRA on May 5?

a. Because he did not make the contribution before the due date for the tax return, he is not eligible to make an IRA contribution for 2015

b. Because he did not file his tax return by the due date, he in only eligible to contribute to a Roth IRA for 2015

c. Because he did not file his tax return before the due date but did file it before the extension due date, he is eligible to make half the maximum IRA contribution for 2015

d. He is eligible to make the maximum IRA contribution because he filed his 2015 tax return before the extension due date.

13. Jamie is 42 years old and received a 20,000 distribution form his Roth IRA, established in 2008. At the time of the distribution, the Roth IRA account totaled 33,748; 18,000 regular contributions, 10,000 table conversion contributions made in 2013, and 5,748 earnings. How much of his distribution is table and subject to the early distribution penalty?

a. 0 table and 0 penalty

b. 0 taxable and 2,000 penalty

c. 0 taxable and 20,000 penalty

d. 2,000 table and 2,000 penalty

14. At age 50, Charles began receiving payments under a distribution method that provides for substantially equal payments over his life. He had no basis in the account. At age 58, after he had received distributions totaling 14,000, he elected to receive the remaining benefits in a lump-sum of 155,000. What amount of the total distribution is subject to the early distribution penalty?

a. 0

b. 14,000

c. 155,000

d. 169,000

15. Kevin, a 69-year-old single taxpayer, received 20,000 in social security benefits in 2015. He also earned 12,000 in wages and 6,000 in interest income, 4,000 of which was tax-exempt. What percentage of Kevins benefits will most likely be considered taxable income?

a. NONE

b. UP to 50%

C. Up to 85%

D. Up to 100%