Retired Taxpayers Over 59½ Years of Age at the End

question 166

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:

Lessons Learned

Lessons learned refers to knowledge gained from the process of conducting a project or experience, which can be used to improve future actions or understand past outcomes.

Geometric Average Return

A measure of the average rate of return on an investment compounding over time, calculated using the geometric mean.

Inversion Valve

is a type of valve used in air brake systems of heavy vehicles, which inverts the supply of air pressure to different parts of the system, aiding in the management and control of braking force.

Emergency Braking

The act of applying the brakes quickly and forcefully to stop a vehicle in the shortest possible distance in response to an emergency.