Retired Taxpayers Over 59½ Years of Age at the End

question 84

True/False

Retired taxpayers over 59½ years of age at the end of the year must receive minimum distributions from defined contribution plans or they are subject to a penalty.

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Definitions:

Parity Ratio

A measure comparing the value of one set of goods or services to another, often used in agriculture and international trade.

Agricultural Subsidies

Financial assistance programs provided by the government to farmers and agribusinesses to supplement their income, manage the supply of agricultural commodities, and influence the cost and supply of such commodities.

Gross Income

The total income received before any deductions or taxes are taken out.