Jason Just Quit His Current Job

question 171

Multiple Choice

Jason just quit his current job.He has $13,000 vested in that 401(k) plan.Which of the following is true?

• A) If Jason takes the money and spends it,he will have to pay taxes and penalties on all $13,000.
• B) If Jason takes the money and reinvests it in an IRA,the employer will write him a check for $13,000.
• C) If Jason arranges a transfer of funds from his employer directly to his IRA trustee,his employer will withhold 20%.
• D) a and b
• E) a,b,and c

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Definitions:

Dividends

Payments made by a corporation to its shareholder members, often derived from the company's profits.

Preferred Shares

A class of ownership in a corporation that has a higher claim on its assets and earnings than common shares, often receiving dividends before common shareholders.

Common Shares

Equity securities that represent ownership in a corporation, providing voting rights and a share in the company's profits via dividends.

Common Shareholders' Equity

The amount of money that would be returned to common shareholders if all of the assets were liquidated and all of the company's debts were paid off.