Question

the premature distrbution penalty tax under irc 72 generally applies in which of the following circumstances

the premature distrbution penalty tax under irc 72 generally applies in which of the following circumstances

Homework Answers

Answer #1
Most retirement plan distributions are subject to income tax and may be subject to an additional 10% tax.
Generally, the amounts an individual withdraws from an IRA or retirement plan before reaching age 59½ are called ”early” or ”premature” distributions. Individuals must pay an additional 10% early withdrawal tax unless an exception applies.
Note-
Best effort have been made to answer the question correctly, in case of any discrepencies kindly comment and i will try to resolve it as soon as possible.
Please provide positive feedback.
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
in allocating basis under irc section 755 which of the following rules applies to allocationbetween classes...
in allocating basis under irc section 755 which of the following rules applies to allocationbetween classes of assets
The consistent basis penalty under IRC 6662(a)(8): A. is equal to 20% of excess of basis...
The consistent basis penalty under IRC 6662(a)(8): A. is equal to 20% of excess of basis shown on Fome 1041 over the amount reported on the Form 706. B. applies to any asset received from a decedent's estate. C. does not apply if the trust or estate can show the fair market value reported on the Form 706 was understated. D. applies to assets recieved from a covered estate that filed a Form 706 after July 31,2015
Under what circumstances would a CPA be found liable for a preparer penalty when he or...
Under what circumstances would a CPA be found liable for a preparer penalty when he or she has not actually prepared the return?
Question Which of the following statements is false? A. In a like-kind exchange under IRC§1031, the...
Question Which of the following statements is false? A. In a like-kind exchange under IRC§1031, the assumption or payoff of liabilities by one party to the exchange results in boot received by the other party. B. If boot is received in a §1031 like-kind exchange and gain is recognized, the following formula correctly calculates the basis of the like-kind property received: the fair market value of like-kind property received, less any gain NOT recognized (less deferred or postponed gain). C....
Question Which of the following statements is false? A. In a like-kind exchange under IRC§1031, the...
Question Which of the following statements is false? A. In a like-kind exchange under IRC§1031, the assumption or payoff of liabilities by one party to the exchange results in boot received by the other party. B. If boot is received in a §1031 like-kind exchange and gain is recognized, the following formula correctly calculates the basis of the like-kind property received: the fair market value of like-kind property received, less any gain NOT recognized (less deferred or postponed gain). C....
Under which circumstances a z-interval should be constructed. Under which circumstances a t-interval should be constructed....
Under which circumstances a z-interval should be constructed. Under which circumstances a t-interval should be constructed. When can neither a z-interval nor a t-interval be constructed?
Which of the following statements is false? A. The purpose of IRC§267 is to require related...
Which of the following statements is false? A. The purpose of IRC§267 is to require related taxpayers to match the timing of deductions and income and prevent the deferral of income before the related party deducts the matching expense. B. Related parties for purposes of IRC§267 includes siblings, spouses, ancestors, and lineal descendants. C. Related parties for purposes of IRC§267 also include several corporations if the same persons own more than 50% in value of the outstanding stock of each...
which of the following is not true about the accuracy penalty? The accuracy penalty is: a....
which of the following is not true about the accuracy penalty? The accuracy penalty is: a. imposed for negligence b. a criminal penalty c. a monetary penalty d. a civil penalty
describe the circumstances under which it would be better for the government to sell pollution permits...
describe the circumstances under which it would be better for the government to sell pollution permits than to levy a corrective tax.
Which of the following types of property qualifies for the IRC 179 deduction? Property used in...
Which of the following types of property qualifies for the IRC 179 deduction? Property used in connection with furnishing lodging. Property used by tax-exempt organizations, governments, or foreign persons. Property used predominantly outside the United States. IRC 1245 property used 50% or more in a business.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT