Telly, age 38, has a $145,400 IRA with Blue Mutual Fund. He has read good things about the management of Green Mutual Fund, so he opens a Green Fund IRA. Telly asked for a distribution rollover and received his balance from the Blue Fund on May 1, 2021. Telly opted to have no withholding on the distribution.

Question Content Area

a. What amount will Telly receive from the Blue Fund IRA? $fill in the blank df162809dfa701e_1

Question Content Area

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 60526bf5701f07e_1

Question Content Area

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?

May 30, 2021June 30, 2021August 30, 2021

d. What amount would Telly receive if the distribution were from his employer's qualified retirement plan? $fill in the blank 5533360c9f87fec_1