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Rollovers ( LO 9 . 9 ) Telly, age 3 8 , has a $ 1 4 0 , 0 0 0 IRA with Blue
Rollovers LO
Telly, age has a $ IRA with Blue Mutual Fund. They have read good things about the management of Green Mutual Fund, so they open a Green Fund IRA. Telly asked for a distribution rollover and received their balance from the Blue Fund on May Telly opted to have no withholding on the distribution.
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a What amount will Telly receive from the Blue Fund IRA?
fill in the blank of $
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b What amount must Telly contribute to the Green Fund IRA to avoid having taxable income and penalties for early withdrawal?
fill in the blank of $
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c When is the last day Telly can roll over the amount received into the Green Fund IRA and avoid taxation in the current year, assuming no unusual circumstances?
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d What amount would Telly receive if the distribution were from their employer's qualified retirement plan?
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