Ralph Has a $120,000 IRA with the Red Association

question 2

Essay

Ralph has a $120,000 IRA with the Red Association.For personal reasons,he decides to move his funds to the Blue Association.He requests that his funds be distributed to him on August 20,20xx.
a.What amount will Ralph receive from the Red Association?
b.What is the last day Ralph can deposit the funds from the Red Association and avoid taxation in the current year?
c.If the funds were distributed from a qualified retirement plan not an IRA),how much would Ralph receive?
d.Assuming the funds were distributed from a qualified retirement plan,not an IRA,how much will Ralph have to contribute to the Blue Association to avoid taxable income and any penalties?

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Definitions:

Nerve Endings

The terminations of nerve fibers that are responsible for sensing stimuli from the environment or within the body.

Hair Cells

Sensory cells located in the inner ear, responsible for converting sound vibrations into electrical signals for hearing.

External Acoustic Meatus

The external opening of the ear canal, which runs from the outer ear to the eardrum.

Auricle

The outer, visible part of the ear that captures sound waves and directs them into the ear canal.