Benny and Joon have been married for $35$ years. They are both $57$ years old and have two adult children, Denny and Moon. Benny and Joon will retire at the end of this year on December $31$st$.$ Benny and Joon have no outstanding debts or liabilities. The following is a summary of their financial assets:

ASSET

CURRENT VALUE

OWNERSHIP

BENEFICIARY

Checking Account

$$9,000$

Benny and Joon Jointly $($JTWROS$)$

None

CD$1$

$$5,000$

Benny and Joon Jointly $($JTWROS$)$

None

CD$2$

$$15,000$

Benny and Joon Jointly $($JTWROS$)$

None

Stock Mutual Fund

$$65,000$

Benny and Joon Jointly $($JTWROS$)$

None

$401$k

$$100,000$

Benny

Joon, or split between Denny and Moon if Joon has died.

IRA

$$180,000$

Joon

Benny, or split between Denny and Moon if Benny has died.

Roth IRA

$$21,000$

Joon

Benny, or split between Denny and Moon if Benny has died.

Personal Residence

$$290,000$

Benny

None

Automobile

$$15,000$

Benny

None

Automobile

$$26,000$

Joon

None

Question at position $1$

$1$

$5$ points

Question at position $1$

When Benny retires, which of the following options will be available to him regarding his $401($k$)$ account?

Benny can withdraw money from his $401$k account without an early withdrawal penalty.

Benny can rollover his $401$k account into an IRA without paying taxes on the transaction.

Benny can withdraw money from his $401$k account without incurring income taxes.

Benny can rollover his $401$k into an IRA without paying an early withdrawal penalty.

When Benny retires, which of the following options will be available to him regarding his $401($k$)$ account?

Benny can withdraw money from his $401$k account without an early withdrawal penalty.

Benny can rollover his $401$k account into an IRA without paying taxes on the transaction.

Benny can withdraw money from his $401$k account without incurring income taxes.

Benny can rollover his $401$k into an IRA without paying an early withdrawal penalty.

$1$ and $3$

$1,2,$ and $3$

$2$ and $4$

$1,2,3,$ and $4$