Exam 11: Retirement and Other Tax-Deferred Plans and Annuities

Exam Company provides a SIMPLE plan for its employees.Under the plan,employees can contribute up to 6% of their salary and Exam Corporation will match the employee's contribution up to 3% of the employee's salary.Ben,age 44,is an employee of Exam Corporation and elects to contribute the maximum amount of his $95,000 salary to the SIMPLE plan.What is the total contribution made to Ben's SIMPLE account? When does Ben's contribution vest? When does the contribution by Exam Company vest? What is the amount contributed to Ben's account if Ben's salary is $210,000?

(Essay)

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Question 21

Which of the following statements is incorrect?

(Multiple Choice)

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Question 22

Augustus is single and age 51.He had AGI of $39,000 in tax year 2014 and is an active participant in his employer's pension plan.What is the maximum deductible IRA contribution he can make in 2014?

(Multiple Choice)

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Question 23

Hyman is age 34,single,and has AGI of $130,000.He would like to contribute to a Coverdell Education Savings Account (CESA)for his niece,Danielle.Danielle's father has already contributed $500 to a CESA in 2014.What is the maximum CESA contribution Hyman can make for Danielle in 2014?

(Multiple Choice)

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Question 24

Gwen is age 51,married,and reported AGI of $99,000 in tax year 2014.She is an active participant in her employer's pension plan.What amount of deductible IRA contribution is disallowed in 2014?

(Multiple Choice)

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Question 25

Regarding withdrawals from a Roth IRA:

(Multiple Choice)

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Question 26

A pension or profit-sharing plan must not discriminate in favor of highly compensated employees.What employees meet the definition of "highly compensated" for purposes of these plans?

(Essay)

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Question 27

To calculate the taxable portion of an annuity payment,a taxpayer must determine all of the following except:

(Multiple Choice)

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Question 28

Which of the following statements regarding a Coverdell Education Savings Account (CESA)is correct?

(Multiple Choice)

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Question 29

Chandelle and Treymane are married and have combined AGI of $215,000.They would like to contribute to a Coverdell Education Savings Account for their grandson.What is the maximum contribution they can make in 2014?

(Multiple Choice)

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(76)

Question 30

Which of the following statements regarding a Coverdell Education Savings Account (CESA)is correct?

(Multiple Choice)

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(76)

Question 31

Pension plan distributions are reported to taxpayers on a Form 1099-P.

(True/False)

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Question 32

Regarding a full or partial rollover of assets from one retirement plan to another retirement plan:

(Multiple Choice)

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Question 33

Damian is age 79.He purchased a single life annuity contract that will pay him $4,000 per month for life.The expected return on the contract is:

(Multiple Choice)

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Question 34

In 2014,a 52-year-old participant in a 401(k)plan may contribute a maximum of:

(Multiple Choice)

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Question 35

Which of the following statements regarding a Coverdell Education Savings Account (CESA)is incorrect?

(Multiple Choice)

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Question 36

Contributions to a qualified pension plan can be deducted immediately by an employer.

(True/False)

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Question 37

Annual contributions to a Keogh plan cannot exceed the greater of $52,000 or 100% of compensation.

(True/False)

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(75)

Question 38

An annuity is a series of payments made pursuant to a contract.

(True/False)

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Question 39

Which of the following statements is incorrect?

(Multiple Choice)

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Question 40

Showing 21 - 40 of 125

Which of the following statements is incorrect?

Augustus is single and age 51.He had AGI of $39,000 in tax year 2014 and is an active participant in his employer's pension plan.What is the maximum deductible IRA contribution he can make in 2014?

Hyman is age 34,single,and has AGI of $130,000.He would like to contribute to a Coverdell Education Savings Account (CESA)for his niece,Danielle.Danielle's father has already contributed $500 to a CESA in 2014.What is the maximum CESA contribution Hyman can make for Danielle in 2014?

Gwen is age 51,married,and reported AGI of $99,000 in tax year 2014.She is an active participant in her employer's pension plan.What amount of deductible IRA contribution is disallowed in 2014?

Regarding withdrawals from a Roth IRA:

A pension or profit-sharing plan must not discriminate in favor of highly compensated employees.What employees meet the definition of "highly compensated" for purposes of these plans?

To calculate the taxable portion of an annuity payment,a taxpayer must determine all of the following except:

Which of the following statements regarding a Coverdell Education Savings Account (CESA)is correct?

Chandelle and Treymane are married and have combined AGI of $215,000.They would like to contribute to a Coverdell Education Savings Account for their grandson.What is the maximum contribution they can make in 2014?

Which of the following statements regarding a Coverdell Education Savings Account (CESA)is correct?

Pension plan distributions are reported to taxpayers on a Form 1099-P.

Regarding a full or partial rollover of assets from one retirement plan to another retirement plan:

Damian is age 79.He purchased a single life annuity contract that will pay him $4,000 per month for life.The expected return on the contract is:

In 2014,a 52-year-old participant in a 401(k)plan may contribute a maximum of:

Which of the following statements regarding a Coverdell Education Savings Account (CESA)is incorrect?

Contributions to a qualified pension plan can be deducted immediately by an employer.

Annual contributions to a Keogh plan cannot exceed the greater of $52,000 or 100% of compensation.

An annuity is a series of payments made pursuant to a contract.

Which of the following statements is incorrect?

Introduction to Taxation, the Income Tax Formula, and Form 1040ez

Expanded Tax Formula, Forms 1040a and 1040, and Basic Concepts

Gross Income: Inclusions and Exclusions

Adjustments for Adjusted Gross Income

Itemized Deductions

Self-Employed Business Income

Capital Gains and Other Sales of Property

Rental Property, Royalties, and Income From Flow-Through Entities

Tax Credits

Payroll Taxes

Special Property Transactions

At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax

Partnership Taxation

Corporate Taxation

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