Now that you have finished reviewing all course material, it’s time to take the final exam for this course. In compliance with NASBA rules and regulations, you must score a 70% or higher on this final exam to earn CPE credits for this course. There is an unlimited amount of time available to take the final exam, and you have the option of taking the final exam as many times as needed to pass. Good luck!
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An individual retirement account is a trust or custodial account. Which of the following is not permitted to serve as the trustee or custodian?
When must a taxpayer start receiving distributions from an IRA account in 2020?
What type of IRA can small employers set up for the benefit of their employees?
Which of the following individuals is not eligible to set up an IRA account?
Which of the following is not considered as compensation for the purposes of determining if an individual is qualified to open an IRA account?
If an individual is qualified to make an IRA contribution and under age 50, what is the contribution limit in 2020?
Jimmy is single, 25 years old and works part time cutting lawns. In 2020, he earned $4,000. If Jimmy wants to contribute to his IRA account for the 2020 tax year, what is Jimmy’s contribution limit?
Cindy is single, 26 years old and has two traditional IRA accounts. In 2020, Cindy earned $3,000 selling art and received $50,000 in interest income. How much can Cindy contribute to her two traditional IRAs in 2020?
Sam is 33 years old and made a $1000 contribution for 2019 to his IRA before filing his return for 2018. Sam makes a second contribution of $1000 to his IRA account the day after filing his 2019 return, how is this contribution to be handled?
What is the tax on excess contributions to an IRA account?
Tim and Lyssa are married and file a joint return. Tim is 55 years old, earned $74,000 in 2020 and does not participate in an employer retirement plan. Lyssa is 53 years old and a full-time homemaker with no taxable compensation in 2020. Tim made a timely contribution of $6,000 to his IRA account. What is Lyssa’s contribution limit in 2020?
Diva is single, had a modified adjusted gross income (MAGI) of $64,000 and participates in her employer’s retirement plan in 2018. Diva would also like to contribute to her traditional IRA, how much of her contribution will be deductible?
If an individual makes a nondeductible contribution to their IRA account, what form must be filed to designate the contribution as a nondeductible contribution?
Rosa is 60 years old and received a distribution from her employer’s retirement plan on September 1. Rosa plans on rolling over the distribution. What date must the rollover occur before the distribution is included in her gross income?
Tony is 80 years old and must take a distribution from his IRA account. The amount of his IRA account is $136,000. When Tony looks up his age on the Uniform Lifetime Table, it shows 18.7 distribution periods. Based on this information, what is Tony’s minimum distribution in 2020?
Which of the following is not a prohibited transaction for a traditional IRA?
Ron and Sue are married and file a joint return. In 2020, Ron is 56 years old and has a modified adjusted gross income of $110,000. Sue is 54 years old and has a modified adjusted gross income was $100,000. How much can Ron and Sue contribute to their Roth IRA for 2020?
Paul is single and is 29 years old. In 2020, Paul had a modified adjusted gross income of $105,000. Paul did not make a contribution to a traditional IRA for 2020. How much can Paul contribute to a Roth IRA for 2020?
What of the following individuals is not eligible to make a contribution to a Roth IRA account for 2020?
For 2020, what is the maximum contribution limit for a SEP IRA account for a taxpayer up to age 50?