Question 1 (Chapter 9): List items of income that are considered earned income for purposes of IRA contributions.

Question 2 (Chapter 9): David took a lump-sum distribution from his employers qualified plan at age 56 when he terminated his service. He rolled over his distribution using a direct rollover to an IRA. Assuming David has met 10-year forward averaging requirements, which of the following is/ are correct regarding tax treatment of the transaction? 1. If at age 59 he distributes the IRA, he benefits from 10-year forward averaging. 2. If he rolls the entire IRA to a new employers qualified plan, he may be eligible for forward averaging treatment in the future.

3. If he rolls over a portion of the IRA to a new employers qualified plan, he may preserve any eligibility for forward averaging on that portion that was rolled over. 4. If David immediately withdraws the entire amount from his IRA, he may benefit from 10-year forward averaging. a. 2 only. b. 2 and 3. c. 2, 3, and 4. d. 1, 2, 3, and 4. Explain how you came to your answer. Question 3 (Chapter 10): What are the applicable rules regarding employee contributions to 457 plans.

Question 4 (Chapter 10): Monique, age 42, earns $300,000 annually as an employee for CTM, Inc. Her employer sponsors a SIMPLE retirement plan and matches all employee contributions made to the plan dollar-for-dollar up to 3% of compensation. What is the maximum contribution (employer and employee) that can be made to Moniques SIMPLE account in 2021? a. $22,050. b. $22,500. c. $25,500. d. $27,000. Explain how you came to your answer.