215-13

Which of the following statements correcctly describes the tax advantage of a qualified retirement plan?

Earnings of the plan are taxable to the employee only when the employee receives benefits

Bob 43 owns a traditional IRA and a Roth IRA. What is the maximum amount that he can contribute to both accounts in 2013 without penalty?

$5500

All of the following should be eligible to establish a Keogh retirement plan EXCEPT

A major stockholder - employee in a family corporation

All of the following employed persons who have no employer sponsored retirement plan would be eligible to set up and contribute to a traditional IRA EXCEPT

Edna, 72

Herbert and Olga 48....what is max amount they may set aside together in a tax deductible traditional IRA funds in 2013

$11000

If David sets up a traditional IRA, which is the max contribution he can make and deduct from adj gross income for 2013?

$5500

Which of the following about 401 (k) plans is CORRECT

There is a limit on employee deferrals

All of the following about SIMPLE plans are correct EXCEPT

an employer MUST make a non-elective contribution of 2% of compensation on behalf of each eligible employee

All of the following regarding Roth IRA are true EXCEPT

they mandate distributions no later than age 70 1/2

All of the following types of plans are reserved for small employers EXCEPT

401 (k)s

Which of the following phrases best describes vesting?

The employees right to funds or benefits contributed by the employer should the employee leave that employer

A distribution received from an employer sponsored retirement plan or from an IRA is eligible for a tax-free rollover if it is reinvested in an IRA within how many days after the distribution?

60

Which of the following pertaining to IRAs is NOT correct?

Peter inherits 15K in IRA benefits from his father. Peter can set up a tax favored rollover IRA with the money and defer current income tax on the benefits are received