Fundamentals of Taxation 2017
Quiz 11: Retirement and Other Tax-Deferred Plans and Annuities
Habiba Is Age 74 and Married
Habiba is age 74 and married.Her husband is age 73.She purchased a single life annuity contract that will pay her $20,000 per year for life.The expected return on the contract is A)$278,000. B)$264,000. C)$282,000. D)$476,000.
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Damian is age 77.He paid $600,000 for a single life annuity contract that will pay him $72,000 per year for life.The tax-free amount of the first $72,000 payment is A)$18,429. B)$53,571. C)$28,302. D)$49,587.
Godfrey is age 77.He paid $240,000 for a single life annuity contract that will pay him $28,800 per year for life.The taxable amount of the first $28,800 payment is A)$8,965. B)$21,429. C)$7,371. D)$17,479.
At the end of 2014,Erin was 74 years old and her traditional IRA had a balance of $300,000.She properly withdrew $12,605 from her IRA in 2015,which was the first year she took a withdrawal.In 2015,her IRA assets earned $37,500.What amount must Erin take as a distribution from her IRA in 2016? A)$13,651. B)$14,768. C)$14,187. D)Some other amount.
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