5. In 2010, Pamela invested 5,000 in a Roth IRA. In 2015 Pamelia, age 60, withdrew the entire 7000 balance. What is the taxa treatment of the distribution? a. The 7,000 is not included in income, but Pamelia must pay a 10% penalty on the entire distribution. b. The 2,000 in earnings is included in income, and Pamelia is required to pay a 10% Penalty on the distribution c. The 2,000 is earnings is included in income, but there is no penalty d. None of the distribution is included in income, and there is no penalty

6. For a partially taxable pension or annuity, the simplified method: a. Calculates the taxpayers initial cost basis. b. Is used to calculate the tax-free portion of each payment c. Required a different calculation for subsequent events, such as divorce, marriage or death. d. May not be used If the pal includes a joint/survivor provision

7. Social Security benefits are only taxable when gross income exceeds a certain base amount for the taxpayers initial cost basis? a. 25,000 for MFJ and 18,000 for s, HH, and QW b. 32,000 for MFJ and 25,000 for S, HH, and QW c. 32,000 for MFL and 28,000 for S, HH, and QW d. 28,000 for MFJ and 25,000 for S, HH, and QW

8. Taxpayers who make after-tax contributions to a qualified employer plan recover their investment (cost) when they begin to take periodic payments. How is the after-tax contribution recovered? a. UP front b. Last c. A portion is recovered each, until fully recovered. d. A portion is recovered each year, for the first ten years.

9. Walter reached age 70 and half in September of 2015. By what date is he required to begin taking the required minimum distribution from his traditional IRA? a. 1-APR-16 b. 31-Dec-15 c. 15- APR-16 d. 31-DEC-16

10. When a taxpayer receives Form 1099-R with no amount entered in box 2a and code 7 in the box 7, the entire destruction: a. Is most likely taxable b. Has been rolled into a traditional IRA or into another qualified plan c. Is never table d. Is at least partially non-taxable