Roth ira - Study guides, Class notes & Summaries

Virtual SC Economics Honors Summer Course Exam Review Rated A+ _____ are opportunity costs of a decision (foregone benefits) that is not defined in money. Implicit costs _____ are taxes on _____ . Tariffs, imports _____ is harder to fix since it occurs with a change in technology or the market reduces the demand for certain types of products and workers. Structural unemployment _____ is the condition that exists when someone can produce a good or service with a lower opportunity ...

1. Whole life policies are designed to provide what ANS Level premiums, a guaran- teed death benefit no matter when the insured dies and guaranteed cash flow 2. Facts about a Roth IRA ANS With drawls from a Roth IRA for a first time home purchase, up to $10,000, or not penalized if the five-year holding period has been met. Total IRA contributions, both Ross and traditional, or aggregated and cannot exceed $6000. Distributions of principal from a Roth IRA are not subject to the 10% penalty. F...

H & R Block Income Tax Study Guide (New 2024/ 2025 Update) Questions and Verified Answers| 100% Correct QUESTION Exceptions to the Early Withdrawal Penalty Answer: 01 - The distribution was made to an employee who separated from service during or after the year in which they reached age 55. 02 - The distribution is part of a series of substantially equal periodic payments, made at least annually for the life of the participant or the life expenctancy of the participant. 03 - T...

Legal Contract - Consideration, Legal Purpose, Offer (Made by Insured), Acceptance, Competent Parties A commissioner must give how many days advance notice of a hearing? - 21 Days (Guaranteed Association) Maximum benefits for any one life- Life insurance cash values - $100,000 (Guaranteed Association) Maximum benefits for any one life- Life insurance death benefits - $300,000 (Guaranteed Association) Maximum benefits for any one life- Other health insurance benefits - $100,000 (Guarante...

Payments received in the years BEFORE you obtain FRA will be reduced $______for every $________ earned above the earnings cap. - ANS Old-age benefits of Social Security recipients may be reduced if the client earns income from wages and salary during retirement prior to Social Security's full retirement age. By how much are the benefits reduced? - ANS Benefits paid to persons in the years prior to attaining full retirement age are reduced by $1 for every $2 earned over the limit. ...

Which of the following is true regarding taxation of dividends in participating policies? a- Dividends are taxable in some life insurance policies and nontaxable in others. b- Dividends are considered income for tax purposes. c- Dividends are not taxable. d- Dividends are taxable only after a certain amount is accumulated annually. - Answer c- Dividends are not taxable; Dividends are not considered to be income for tax purposes, since they are the return of unused premiums. The interest ...

Which one of the following is the main difference between a traditional IRA and a Roth IRA? A. Eligible investment options. B. Dollar amount of allowed contributions. C. Accumulation of investment income. D. Tax treatment of contributions and distributions. D. Tax treatment of contributions and distributions. Roth IRA contributions are always nondeductible, while a traditional IRA has contributions that may be deductible. Distributions from a Roth IRA are tax-free if certain conditions are ...

Q. When can a bank trustee sell or purchase assets from a trust where it serves in a fiduciary capacity? A. When the trustee desires to relieve itself from such liability with the approval of the board B. When the trust sells property to any non-officer of the bank, if the trust committee deems the price reasonable C. When the trust purchases stock or obligations of the bank, if the bank or its holding company is listed on a recognized stock exchange D. When the trust sells assets in one a...

RPA 1 - Final Exam 100 Questions and Answers Latest 2022 Already Passed Top-hat plan A retirement plan that is unfunded and maintained by an employer primarily for the purpose of providing deferred compensation for a "select group of management or highly compensated employees" is called a (n): Economic Benefit A theory of income taxation that imposes current tax liability on taxpayers who receive something of reasonable value is known as the doctrine of: Must be given the election to remain ...

401(k) Plans - plans that allow employees to make tax-favored pay deferrals toward retirement savings through a payroll deduction plan Actively Managed Funds - funds that are managed by professional investors who constantly "buy low" and "sell high" Alternative Financial System - payday loans, pawn shops, check cashers, etc. Auto Insurance - protects against losses to property and injuries to people in a car accident. Auto Insurance Split Limits - a provision of an insurance policy tha...