Questions from General Taxation


Q: Patrice is single and age 26. She reported AGI of $

Patrice is single and age 26. She reported AGI of $65,000 in tax year 2017. She is an active participant in her employer’s pension plan. What is the maximum deductible Roth IRA contribution she can...

See Answer

Q: Vickie is single and age 43. She reported AGI of $

Vickie is single and age 43. She reported AGI of $123,000 in tax year 2016. She is an active participant in her employer’s pension plan. What is the maximum Roth IRA contribution she can make in 201...

See Answer

Q: Without regard to AGI limitations, what is the maximum contribution permitted

Without regard to AGI limitations, what is the maximum contribution permitted to a Coverdell Education Savings Account in 2017? a. $500 b. $2,000 c. $5,500 d. The lower of $5,500 or 100% of compensat...

See Answer

Q: Vanessa and Martin file a joint return for 2017. They have

Vanessa and Martin file a joint return for 2017. They have one child age 12. They have combined AGI of $202,000 in 2017. What is their maximum permitted contribution to a Coverdell Education Saving...

See Answer

Q: Juan is single and retired on January 1, 2017 at age

Juan is single and retired on January 1, 2017 at age 62. He is entitled to receive monthly payments of $1,500 over his life from his employer’s qualified pension plan. The payments began January 1,...

See Answer

Q: If a qualified pension plan is being distributed using joint life expectancy

If a qualified pension plan is being distributed using joint life expectancy: a. The taxpayers cannot choose to refigure their life expectancy. b. If the beneficiary dies, no adjustment of the denom...

See Answer

Q: Mark, who is single, must start making distributions from his

Mark, who is single, must start making distributions from his pension plan beginning April 1, 2017. At the end of 2016 when Mark was 71 years old, the plan had a balance of $220,000. He will use a s...

See Answer

Q: Which of the following statements is true? a.

Which of the following statements is true? a. Only employers can establish tax-deferred retirement plans. b. Generally, plan distributions are taxable if the contributions were made with untaxed doll...

See Answer

Q: Juanita, age 62, retired in 2017. During the year

Juanita, age 62, retired in 2017. During the year, she received distributions of $9,000 from her IRA. She made nondeductible contributions of $20,000 to the IRA in prior years and has never received...

See Answer

Q: Withdrawals from a Roth IRA are: a. Subject

Withdrawals from a Roth IRA are: a. Subject to the required minimum distribution rules. b. Taxable if made after the five-tax-year period beginning with the first tax year in which a Roth contributi...

See Answer