Question
Mr. Scott, age 46, quit his job with MNP Inc. and withdrew the $184,000 balance in his Section 401(k) plan. Mr. Scott immediately deposited the
Mr. Scott, age 46, quit his job with MNP Inc. and withdrew the $184,000 balance in his Section 401(k) plan. Mr. Scott immediately deposited the withdrawal in a new rollover Roth IRA with a local bank. Which of the following statements is false?
Group of answer choices
A. Mr. Scott must include the $184,000 withdrawal in gross income.
B. Mr. Scott must begin receiving distributions from the rollover Roth IRA by age 70
C. Future qualified withdrawals from the rollover Roth IRA will be nontaxable.
D. None of the statements is false.
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Managerial Accounting for Managers
Authors: Eric Noreen, Peter Brewer, Ray Garrison
4th edition
1259578542, 978-1259578540
