Which of the Following Statements Is True Regarding Taxpayers Receiving

question 74

Multiple Choice

Which of the following statements is true regarding taxpayers receiving distributions from traditional defined contribution plans?

• A)A taxpayer who retires at age 71 in 2013 is required to pay a minimum distribution penalty if she does not receive a distribution in 2013.
• B)The minimum distribution penalty is 30% of the amount required to have been distributed.
• C)A taxpayer who receives a distribution from a retirement account before she is 55 years old is subject to a 10% penalty on both the distributed and undistributed portions of her retirement account.
• D)Taxpayers are not allowed to deduct either early distribution penalties or minimum distribution penalties.Early distribution and minimum distribution penalties are not tax deductible.

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Definitions:

Agnosia

A disorder characterized by the inability to recognize and identify objects or persons, due to damage in specific brain areas.

Common Objects

Everyday items or entities that are familiar to most people within a particular culture or society.

Temporal Lobe

A region of the brain located at the side of the head, involved in processing auditory information and is critical in the understanding of language and the storage of memories.

Ventral Stream

The pathway in the brain's visual cortex involved in object recognition and form representation, often summarized as the "what" pathway.