Author Question: Jonathon, age 50 and in good health, withdrew $6,000 from his pension plan during the current year. ... (Read 74 times)

ap345 · **on:** Sep 13, 2020

Question 1

Jing, who is single, paid educational expenses of $16,000 in 2016. He redeemed Series EE bonds and received principal of $8,000 and interest of $3,000. Jing's has other adjusted gross income of $81,550. With respect to the $3,000 of bond interest, Jing must include in taxable income
◦ $0.
◦ $1,400.
◦ $1,600.
◦ $3,000.

Question 2

Jonathon, age 50 and in good health, withdrew $6,000 from his pension plan during the current year. The withdrawal was not eligible for any exception to the 10% penalty. Jonathon had made $40,000 of after-tax contributions to the plan while his employer had contributed $80,000. In addition to relevant income taxes, how much penalty must Jonathon pay?
◦ $0
◦ $200
◦ $400
◦ $600

frogdreck123456 · **Reply #1 on:** Sep 13, 2020

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