Unit 3 questions. unit 3: traditional and roth iras and employee

1. In considering whether to convert a traditional IRA to the Roth IRA form, which of the following is a valid consideration?

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2. Which of the following statements is NOT correct regarding the conversion of a traditional IRA to a Roth IRA in 2014?

3. Carol has been researching IRAs and learning of the advantages and disadvantages of using an IRA as a retirement savings vehicle. Which of the following statements regarding an IRA is(are) CORRECT?

4. Which of the following statements regarding IRAs is(are) CORRECT?

5. Roger is 73 years old. He has an AGI of $35,000 of which $10,000 is earned income. What amount can Roger contribute to a traditional IRA and/or a Roth IRA in 2014?

6. Which of the following statements regarding prohibited transactions by a fiduciary or an individual associated with traditional IRA accounts are CORRECT?

7. Which of the following is considered to be earned income for purposes of making contributions to a traditional IRA?

8. In 2014, Nina and Bob reported the following items of income:

9. Which of the following persons could make tax-deductible contributions to a traditional IRA regardless of their adjusted gross income (AGI)?

10. Regarding an IRA, all of the following are prohibited transactions EXCEPT 

11. What is the taxable character of distributions that are made from a Roth IRA?

12. Which of the following best describes the purpose of establishing a stretch IRA? 

13. When is a traditional IRA appropriate?

14. Which of the following statements regarding prohibited transactions in an IRA (account or annuity) is (are) CORRECT?

15. Martha, age 65, opened a traditional IRA 20 years ago that has been funded solely with deductible contributions. The only assets in the IRA are individual stocks. If she withdraws $10,000 from the IRA this year, how will the distribution be taxed? 

16. A single taxpayer, age 54, retired 2 years ago and is receiving a pension of $600 per month from her previous employer’s qualified pension plan. She has recently taken an employment position in a small CPA firm that has no pension plan. She will receive $80,000 annually in compensation from the CPA firm as well as $7,200 from her pension plan each year. How much can she contribute, if any, to a deductible traditional IRA in the year 2014?

17. Which type of IRA contributions may be tax deductible to a taxpayer?

18. Gordon is the fiduciary for a traditional IRA. He has several different investments available to him to invest the IRA assets. All of the following investments are permitted investments for a traditional IRA EXCEPT

19. Which of the following is NOT an exception to the 10% premature distribution from a traditional IRA? 

 20. Which of the following investments may be held in an IRA account? 





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