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Author Question: Hunter retired last year and will receive annuity payments for life from his employer's qualified ... (Read 60 times)

Pineappleeh

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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


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Marked as best answer by Pineappleeh on Sep 13, 2020

Dnite

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Pineappleeh

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Reply 2 on: Sep 13, 2020
Great answer, keep it coming :)


cassie_ragen

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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