Tom quits his job with $120,000 in his employers qualified retirement plan. Since he is broke, Tom
Question:
Tom quits his job with $120,000 in his employer’s qualified retirement plan. Since he is broke, Tom instructs the plan trustee to pay him the balance in his retirement account. How much will Tom receive when he gets his check from the retirement plan?
a. $120,000
b. $100,000
c. $96,000
d. $24,000
e. Some other amount
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Related Book For
Income Tax Fundamentals 2017
ISBN: 9781305872738
35th Edition
Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller
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