Telly, age 38, has a $140,000 IRA with Blue Mutual Fund. He has read good things about the management of Green Mutual Fund, so he opens a Green Fund IRA. Telly asked for a distribution rollover and received his balance from the Blue Fund on May 1, 2021. Telly opted to have no withholding on the distribution.

1. What amount would Telly receive if the distribution were from his employer's qualified retirement plan?

Answer rating: 100% (QA)

Its a qualified retirement plan and not an IRA T would receive only 80 of th... View the full answer