Jonathon,age 50 and in Good Health,withdrew $6,000 from His Pension

question 69

Multiple Choice

Jonathon,age 50 and in good health,withdrew $6,000 from his pension plan during the current year.The withdrawal was not eligible for any exception to the 10% penalty.Jonathon had made $40,000 of after-tax contributions to the plan while his employer had contributed $80,000.In addition to relevant income taxes,how much penalty must Jonathon pay?

• A)$0
• B)$200
• C)$400
• D)$600

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Definitions:

Georges Boulanger

Georges Boulanger was a French general and politician, known for his charismatic leadership and the political movement he sparked in the late 19th century, which threatened the stability of the Third Republic.

Third Republic

The government system of France from 1870 until the German occupation in 1940, characterized by a democratic parliamentary system.

Franco-Prussian War

A conflict between the Second French Empire and the Kingdom of Prussia (with its German allies) in 1870-1871, leading to the unification of Germany and the downfall of Napoleon III.

Napoleon III

Emperor of the French from 1852 to 1870, known for his expansionist foreign policy, modernization of the French economy, and the establishment of the Second Empire.