When an Individual Reaches the Age of 70½ but Does

question 21

Multiple Choice

When an individual reaches the age of 70½ but does not withdraw the "minimum withdrawal" amount:

• A) There is a 50 percent excise tax on the shortfall
• B) There is a 50 percent tax on the entire account
• C) There is a 50 percent tax on the taxable portion
• D) There is a 50 percent tax on the nontaxable portion
• E) None of the above will apply

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Definitions:

E! Entertainment

A television network specializing in entertainment news, celebrity gossip, and programming related to the entertainment industry.

Contact Or Connection

The act or state of interacting or communicating with others, which can lead to social, emotional, and professional relationships.

Social Skills

The abilities used to communicate, interact, and build relationships with others effectively and harmoniously.

Emotional States

The internal conditions that arise from feelings and emotions, influencing mood and behavior at a given time.