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

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

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

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1) Martha (53) works part-time, in addition, she is taking classes at the local university. This...
1) Martha (53) works part-time, in addition, she is taking classes at the local university. This year, Martha was enrolled in seven hours for one semester and three for another.The university considers 12 credit hours to be full time. Martha deferred $4000 of compensation through her employer's 401(k) plan. Her AGI for 2018 was $30,500. How much is Martha's Saver's Credit, assuming no tax liability limit applies? A) $0 B) $400 C)$800 D)$2,000 2) Jack and Kendra are married and...
In 2020, Chip, an accomplished professional race car driver, is to receive a signing bonus for...
In 2020, Chip, an accomplished professional race car driver, is to receive a signing bonus for agreeing to drive for Hot-Lap International, a racing team. Hot-Lap agrees to establish a NQDC agreement with Chip to defer the bonus beyond Chip’s peak income producing years. Hot-Lap transfers the bonuses to an escrow agent, subject to the risk of forfeiture to team creditors in bankruptcy, who invests the funds in securities acting as a hedge against inflation. The bonus is deferred until...
Question 1 (1 point) Ray died this year at age 73, and his wife, Mary, age...
Question 1 (1 point) Ray died this year at age 73, and his wife, Mary, age 55, is the designated beneficiary on his Roth IRA. Ray's Roth IRA was established 3 years ago. Which of the following statements is(are) CORRECT? I Ray was not subject to required minimum distributions from his Roth IRA during his lifetime. II If Mary chooses to distribute the entire balance of the Roth IRA this year, the distribution may be subject to both regular income...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans recorded the following receipts. Salaries ($60,000 for Lance, $46,000 for Wanda) $106,000 Interest income— City of Albuquerque general purpose bonds $1000 Ford Motor Company bonds...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe,...
Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2016, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income—    City of Albuquerque general purpose bonds $1,000    Ford Motor company bonds 1,100    Ally Bank certificate of deposit 400 2,500 Child...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. David earned consulting fees of $145,000 in 2018. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the...
What tools could AA leaders have used to increase their awareness of internal and external issues?...
What tools could AA leaders have used to increase their awareness of internal and external issues? ???ALASKA AIRLINES: NAVIGATING CHANGE In the autumn of 2007, Alaska Airlines executives adjourned at the end of a long and stressful day in the midst of a multi-day strategic planning session. Most headed outside to relax, unwind and enjoy a bonfire on the shore of Semiahmoo Spit, outside the meeting venue in Blaine, a seaport town in northwest Washington state. Meanwhile, several members of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT