MrScott,age 46,quit His Job with MNP Inc

question 19

Multiple Choice

Mr.Scott,age 46,quit his job with MNP Inc.and withdrew the $184,000 balance in his Section 401(k) plan.Mr.Scott immediately deposited the withdrawal in a new rollover Roth IRA with a local bank.Which of the following statements is false?

• A)Mr.Scott must include the $184,000 withdrawal in gross income.
• B)Mr.Scott must begin receiving distributions from the rollover Roth IRA by age 70½
• C)Future qualified withdrawals from the rollover Roth IRA will be nontaxable.
• D)None of the statements is false.

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Definitions:

Adaptive Functioning

The ability of an individual to effectively manage and respond to the changing demands of their environment.

Reality Testing

Reality testing is a psychological process that measures an individual's ability to distinguish between the external world and their internal thoughts and perceptions.

Extreme Distortions

Severely inaccurate or exaggerated beliefs or perceptions, often disconnected from reality.

Delusions

Firmly held erroneous beliefs that are not grounded in reality, often stemming from psychological disorders.