Overview:
This course is a tax overview of retirement plans for small business and rules and regulations for IRA's. Covered are retirement plans that can be set up and maintained by an employer and their employees. Also covered are Individual Retirement Arrangements (IRA's) rules and regulations.
Summary of Contents:
Sample Exam Questions:
38. If you make a withdrawal from your Roth IRA that is not a qualified distribution, there is a set order in which contributions and earnings are considered to be withdrawn from your Roth IRA. Which of the following is not considered in this order of withdrawal.
a. Conversion contributions on a FIFO basis.
b. Earnings on contributions.
c. Rollover contributions from other Roth IRAs.
d. Regular contributions to your Roth IRA.
39. John is a self-employed landscape designer who has a SEP IRA he wants to contribute to. For SEP purposes, his net earnings from self-employment must take into account his deduction for contributions to his SEP-IRA. John plans to contribute 10½ % to his SEP-IRA, so his reduced contribution rate, as calculated in Worksheet 3-1, would be:
a. 6 ½ %
b. 8%
c. 9 ½ %
d. 10 ½ %
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