Question: During 2 0 2 3 , Henry, age 4 7 , decided to change jobs. Henry asked his old company to make a direct transfer

During 2023, Henry, age 47, decided to change jobs. Henry asked his old company to make a direct transfer of his $15,000 balance from his old company's retirement account into his IRA. To avoid paying taxes and penalties on this distribution, Henry must do which of the following?
a. Henry must deposit $3,000 into his IRA within the 30-day rollover period since 20% should have been withheld for taxes.
b. Henry must deposit $12,000 into his IRA within the 60-day rollover period.
c. Henry must deposit $15,000 into his IRA within the 60-day rollover period.
d. Henry does not need to do anything.

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