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Eligible taxpayers have several deadlines by which they can make contributions to their individual retirement account (IRA). According to tax law, what is the deadline
- Eligible taxpayers have several deadlines by which they can make contributions to their individual retirement account (IRA). According to tax law, what is the deadline for making these contributions?
- Taxpayer distributions from traditional 401(k) plans are taxed as ordinary income. What type of plans are not taxed as ordinary income?
- An early distribution penalty of 10% is due from taxpayers who withdraw retirement funds early. Exemption from this penalty exists for what reasons?
- The 10% early distribution penalty is due from taxpayers who withdraw funds from their retirement early. What age is considered early?
- Contributions to a Roth IRA for 2019 are limited. List the limited contributions.
- A taxpayer can directly transfer funds from a traditional IRA to a Roth IRA. This action is called a rollover. What is true about the rollover amount?
- The IRS tax law provides a savers credit to encourage lower income taxpayers to contribute to a retirement savings account. The credit is given in addition to any other deduction allowed for the contribution. What is the maximum savers credit that a taxpayer could earn?
- The gain or loss on the sale of a residence is computed by subtracting the basis of the residence from the sales price. What is not a general rule for determining the basis of the residence?
- The gain or loss on the sale of a personal residence is treated differently than a gain or loss on the sale of other capital assets. A loss is nondeductible. A gain that is higher than the allowed exclusion is usually taxed as a long-term capital gain. What are the characteristics of exclusionary rules?
- There are nontax benefits associated with owning a second home. What do these nontax benefits include?
- What are the ways a taxpayer can use a rental property as an investment that will have additional value?
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