Please answer number 10

Question 10 (1 point) Your professor is not able to make it to class and calls on you to teach the class about IRA rollovers. You (like many college students) failed to do the required reading, but you feel that you know how to answer a fellow student's question during the lecture. The student makes statements that are both correct and false. As a professor you tell him which of the following statements listed below is NOT correct. 1. Taxpayers can perform multiple 60-day rollovers during a tax year, as long as they are from different IRA accounts. 2. A taxpayer attempting to comply with the 60-day rollover requirement for a rollover from one IRA to another will have to contribute 100 percent of the distribution, even though there was a 20 percent withholding. 3. The IRS would likely grant a waiver to extend the 60-day period for a rollover in the event that a taxpayer was unable to complete the rollover, for example in the event of being incarcerated. 4. The 60-day clock begins when the funds are sent from the financial institution and not when the taxpayer deposits the funds. DOLL 2. A taxpayer attempting to comply with the 60-day rollover requirement for a rollover from one IRA to another will have to contribute 100 percent of the distribution, even though there was a 20 percent withholding 3. The IRS would likely grant a waiver to extend the 60-day period for a rollover in the event that a taxpayer was unable to complete the rollover, for example in the event of being incarcerated. 4. The 60-day clock begins when the funds are sent from the financial institution and not when the taxpayer deposits the funds. 1) Both 1 and 2 2) 3 Only 3) 3 and 4 4) 1, 2, and3 5) 1, 2, and 4 Page 2 of 5 Previous Page Next Page DOLL