Solved > 21) Juanita paid a life insurer $45,000 in:1927790 …

21) Juanita paid a life insurer $45,000 in exchange for an immediate life annuity. Juanita will receive $500 per month from the insurer, and her life expectancy is 15 years (180 months). If Juanita is alive 20 years later, how much of the $6,000 received during the year is taxable?

A) nothing

B) $3,000

C) $4,500

D) $6,000

22) Which of the following statements is (are) true regarding the taxation of distributions from individual annuities?

I.Individual annuity distributions are never taxable.

II.Once the annuitant has recovered the premiums he or she paid for the annuity, the entire annuity distribution is taxable.

A) I only

B) II only

C) both I and II

D) neither I nor II

23) Which of the following is a permissible IRA investment alternative?

A) mutual funds

B) fine art

C) antiques

D) life insurance

24) Which of the following statements is (are) true regarding the Roth IRA?

I.Roth IRA contributions are tax deductible.

II.Roth IRA investment income accumulates income-tax free.

A) I only

B) II only

C) both I and II

D) neither I nor II

25) Rita is 66 years old. She earned $20,000 this year working part-time at a store and her modified adjusted gross income was $28,000. Rita is considering making a $3,000 contribution to her traditional IRA. Which of the following statements is true regarding this contribution? 

A) Rita cannot contribute to her traditional IRA because she is over age 65.

B) Rita can make a $3,000 contribution to her traditional IRA, but it is not tax deductible.

C) Rita can make a $3,000 contribution to her traditional IRA, but it is only partially tax deductible.

D) Rita can make a $3,000 contribution to her traditional IRA, and it is fully tax deductible.

26) Daryl, age 42, quit his job. His employer offered a defined contribution pension plan, and the balance in the account was $30,000 when Daryl quit. He can avoid immediate taxation of these funds by

A) taking a lump-sum distribution.

B) using an IRA rollover account.

C) receiving the money through four equal installments.

D) using the funds to purchase common stock issued by the former employer.

27) Which of the following statements is (are) true with regard to Roth IRAs?

I.The portion of a Roth IRA distribution that is attributable to investment income is taxable.

II.There is a maximum income level above which Roth IRA contributions are not allowed.

A) I only

B) II only

C) both I and II

D) neither I nor II

28) All of the following statements about traditional and Roth IRAs are true EXCEPT

A) Traditional IRA contributions may be fully, partially, or not income tax deductible.

B) Qualified distributions from Roth IRAs are received income tax free.

C) Contributions to Roth IRAs are made with after-tax dollars.

D) Traditional IRAs are exempt from the penalty tax on premature distributions.

29) Which of the following persons can establish a traditional IRA?

I.Persons whose only income received is from investments.

II.Employed persons under age 70.5 who are not active participants in an employer-sponsored retirement plan.

A) I only

B) II only

C) both I and II

D) neither I nor II

30) Donna is single and earns $30,000 annually. She is covered under her employer’s retirement plan. Donna would like to start a traditional IRA and contribute $3,000 this year. Which of the following describes her ability to establish a traditional IRA and the tax treatment of her contribution?

A) Her contribution is fully tax deductible.

B) Her contribution is partially tax deductible.

C) No portion of the contribution is tax deductible.

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