All of the following are types of retirement plans self-employed taxpayers may establish for themselves and their employees EXCEPT: A 401(k) plan. Simplified employee pensions (SEPs). 0 SIMPLE IRAs. Spousal IRAs. Chris (67) and Leon (68) are married, and they will file a joint return. Their only income during the year consisted of $32,000 in social security benefits and a $10,000 pension distribution. How much of their social security benefits are taxable? Zero. Up to 50%. Up to 85%. Up to 100%. Which of the following statements about distributions taken from qualified retirement plans during 2019 is TRUE? A blank amount in box 2a of Form 1099-R usually means that none of the distribution is taxable. A distribution code 4 in box 7 of Form 1099-R generally means the taxpayer is not subject to the additional tax on early distributions. A distribution code 1 in box 7 of Form 1099-R indicates a direct rollover to a qualified retirement plan or IRA. The Tax Code imposes an additional 10% early withdrawal penalty on all distributions made before the taxpayer has reached age 59 72. Which of the following is specifically excluded from gross income? Interest on municipal bonds. Alimony received in accordance with a divorce decree signed prior to December 31, 2018. No changes have been made to the agreement. Pensions. Compensation for services, including fees, commissions, and certain fringe benefits