1. Mark participates in a Section 401(k) plan maintained by his employer. His vested account balance is...
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$10,000 $12,500 $25,000 |
1 and 4 1 and 2 2 and 3 |
Blake and Margaret may make a deductible contribution to an IRA in 2015. Blake is an active participant. Because Margaret participates in a Section 403(b) plan, she is considered an active participant. |
Profit-sharing plan SARSEP plan SIMPLE IRA |
Mary can receive distributions over her remaining single-life expectancy, reduced by 1 each subsequent year. Because Jason died before age 70½, any distribution Mary currently receives from the IRA will be subject to a 10% early withdrawal penalty. Mary must immediately begin taking distributions over Jason’s remaining single-life expectancy. Mary, as the surviving spouse, can receive distributions over her remaining life expectancy. |
2-to 7-year graded vesting 3-year cliff vesting 5-year cliff vesting |
Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
Posted Date: