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please help solve those 3! Generally, the excess contribution to an IRA is subject to a tax. Which of the following is true? O A
please help solve those 3! Generally, the excess contribution to an IRA is subject to a tax. Which of the following is true? O A The 6% tax is due on both the excess contributions and any income earned on the excess contribution. OB. You will not have to pay the 6% tax if you withdraw the excess contribution and any income earned on the excess contribution before the date your tax return for the year is due, including extensions. You will not have to pay the 6% tax if you withdraw only the earnings on the excess contribution for the current year and subsequent years as well. D. You will not have to pay the 6% tax if you withdraw the excess contribution and the earnings on the excess contribution are less than 6%. Which of the following is compensation for the purpose of contributions to individual retirement accounts? A. Taxable alimony and separate maintenance. B. Foreign earned income excluded from income. C. Pension or annuity Income. D. Deferred compensation received. Generally, which of the following rules apply to both traditional IRAs and Roth IRAs? O A. Non-rollover contributions are generally limited to $6,000 each year or 100% of compensation, whichever is less OB. OC. Contributions may not be made for the tax year in which you reach age 70 1/2, or for years thereafter. Contributions are always nondeductible. Contribution phaseout limits are the same for both traditional IRA and Roth IRAS OD
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