Thomas Maintains an IRA Account

question 33

Multiple Choice

Thomas maintains an IRA account. During the year he wins $10,000 in the state lottery and contributes it to his IRA account. Because he is an active participant in a qualified pension plan, he does not take a deduction for any part of his contribution. At the end of 2018 the total assets in the account are $30,000. Thomas is subject to a penalty on his contribution of

• A)$-0-
• B)$180
• C)$270
• D)$1,000
• E)$1,800

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Definitions:

Shopping Center

A complex or area that houses multiple retail stores, services, and often includes food establishments, designed for consumers to shop at multiple locations in one vicinity.

Business Model

A strategic plan outlining how a company creates, delivers, and captures value, in economic, social, cultural, or other contexts.

Core Areas

Essential, fundamental regions or segments within a field of study, organization, or project.

Niche Market

A focused, targetable portion (segment) of a market characterized by specific and specialized needs and preferences.