Which of the Following Statements Is True of a Distribution

question 32

Multiple Choice

Which of the following statements is true of a distribution rollover (not a trustee-to-trustee transfer) from a retirement plan?

• A)The taxpayer must instruct the trustee of the retirement plan to transfer assets to the trustee of another plan.
• B)No withholding is required.
• C)In one year, there is no limit to the number of times a taxpayer can request a distribution rollover from one IRA to another IRA.
• D)Assuming there are no unusual events, the taxpayer has a maximum of 60 days in which to transfer funds to a new plan to avoid current taxes and penalties.
• E)All of these are true.

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Definitions:

Payor Bank

The bank upon which a check is drawn and that is responsible for paying the amount specified on the check to the payee.

Collected

Refers to the process of gathering or accumulating items, information, or funds.

Electronic Funds Transfers

The transfer of money between accounts by electronic means rather than the use of cash or paper documents.

Float Time

The period between when a check is deposited into a bank account and the time the funds are available for use.