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please help with all! thanks!!!! Which one of the following types of individual retirement accounts (IRAs) cannot be established? Im O A. A simplified employee
please help with all! thanks!!!!
Which one of the following types of individual retirement accounts (IRAs) cannot be established? Im O A. A simplified employee pension account. B. An individual retirement annuity that is purchased from a life insurance company, C. An individual retirement account with a trustee who invests one's money in life insurance contracts. OD An individual retirement account with a trustee who invests one's money in 1-ounce U.S. gold coins. Generally, which of the following is a prohibited transaction concerning your traditional IRA? OA. Pledge your IRA account as security for your mortgage. . Withdraw funds for qualified higher education expenses. O c. Withdraw funds for qualified medical expenses. O D. Withdraw funds to purchase your first home. Taxable compensation for IRA purposes excludes all of the following EXCEPT OA Deferred compensation. OB. Earnings and profits from rental income, interest income, and dividend income. O c. Pension or annuity income. OD Alimony and separate maintenance payments. Peter and Jill are married and file a joint return. In 2020, Jill was a media relations manager for a large firm and earned $98,000; Peter owns a graphic design business that showed a net profit of $500 for 2020. In 2020, Jill was covered by an employer's plan and Peter was not. Their annual gross income was $201.000. What is the maximum deductible amount that Peter can contribute to a traditional IRA? A. $6,000 B $3,000 C. $500 OD $0 Which of the following is true regarding contributions to a Roth IRA? O A. Contributions may be deducted if you are not covered under a retirement plan. O B. Contributions may not be deducted, but earnings are taxable when distributed. O c. Contributions may be deducted if you are within certain income limits. O D. Contributions may be made regardless of age, provided other requirements are met Step by Step Solution
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