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Please answer questions 1-3. Thank you! 1. If Joey begins receiving distributions from a profit sharing plan calculated over his lile expectancy at the age
Please answer questions 1-3. Thank you! 1. If Joey begins receiving distributions from a profit sharing plan calculated over his lile expectancy at the age of 28, the distributions will be subject to income tax but will not subject to the 10% penalty 2. Nancy has a vested account balance in her employer-sponsored profit sharing plan of $25,000. Upon her termination from the plan sponsor, she elected to take a full distribution from the plan If Nancy does not rollover the entire $25,000 to an IRA (or other qualified plan) within 60 days she will only be subjected to tax on 80% of the distribution. O 1) 1 Only O 2) 2 Only O 3) Both 1 and 2 O 4) Neither 1 nor 2 Question 2 (1 point) which of the folowing qualified plan distributions will be subjected to a 10% early withdrawal penalty? O1) Howard, age 40, takes a $120,000 distribution from his profit sharing plan to pay for his son's college tuition. 2) Tawanda, age 56, was terminated from Lion Corporation. She takes a $125,000 distribution from the Lion retirement plan to pay for living expenses O 3) Lebron, age 32, takes a $1,000,000 distribution from his employer's profit
Please answer questions 1-3. Thank you!
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