Question

1. The IRA one rollover per year limit does not apply when the roll over is...

1. The IRA one rollover per year limit does not apply when the roll over is from

1. one traditional IRA to another traditional IRA

2. failed financial institutions

3. only one IRA account

4. IRAs in all account

2. which of the following is not a qualified contribution for an employee claiming the retirement savings contribution?

1.contribution to IRA

2. nondeductible contribution to a traditional IRA

3. mandatory contribution to a 403 (b) public school retirement plan

4. voluntary contribution to 403 (b) tax-sheltered annuity

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Answer #1

1. The IRA one rollover per year limit does not apply when the rollover is from 2. failed financial institutions

Distributions made by a failed financial institution is an exception to the rule.

In order to qualify for this exception, the distribution

1) must not be initiated by the custodial institution or depositor and

2) the custodial institution is insolvent and the federal deposit insurance corporation(FDIC) is unable to find a buyer for the institution.

2. Which of the following is not a qualified contribution for an employee claiming the retirement savings contribution?

3. Mandatory contribution to a 403 (b) public school retirement plan

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