Question 20 of 75. Taxpayers who make after-tax contributions to a qualified employer plan recover their investment cost when they begin to take periodic payments. How is the after tax contribution recovered? All of the after-tax contribution is recovered in the last year distributions are made All of the after-tax contribution is recovered up front in the first year distributions are made A portion of the after-tax contribution is recovered each year for the first ten years of distributions A portion of the after-tax contribution is recovered each year distributions are made urdy recovered. Mark for foliow up Question 21 of 75 What is the penalty for not taking the required minimum distribution from a traditional IRA by the deadline? The amount not distributed is assessed a 10% penalty The amount not distributed is assessed a 50%. penalty The taxpayer may not claim the Saver's Credit for three years The taxpayer is not eligible to contribute to a traditional IRA for three years Mark for follow up Question 22 of 75 In 2021, Gavin (53), a single taxpayer, took an earty distribution from his traditional IRA. This was not a coronavirus-related distribution, and he did not qualify for any hardship or disaster related exceptions. The 10% penalty tax will not apply to the extent that qualified education expenses were paid to an sligible educational institution for Gavin or his O Child, grandchild, or parent O Child or grandchild Dependent chad or grandparent Dependent child or sibling