Author Question: Hunter retired last year and will receive annuity payments for life from his employer's qualified ... (Read 63 times)

Pineappleeh · **on:** Sep 13, 2020

Question 1

Hannah is a 52-year-old an unmarried taxpayer who is not an active participant in an employer-sponsored qualified retirement plan. Before IRA contributions, her AGI is $64,000 in 2016. What is the maximum amount she may contribute to a tax deductible IRA?
◦ $4,400
◦ $5,200
◦ $5,500
◦ $6,500

Question 2

Hunter retired last year and will receive annuity payments for life from his employer's qualified retirement plan of $30,000 per year starting this year. During his years of employment, Hunter contributed $130,000 to the plan. Based on IRS tables, his life expectancy is 260 months. All of the contributions were on a pre-tax basis. This year, Hunter will include what amount in income?
◦ $0
◦ $6,000
◦ $24,000
◦ $30,000

Dnite · **Reply #1 on:** Sep 13, 2020

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