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:

Latency Stage

The Latency Stage is a phase in Freud's psychosexual development theory, occurring from about age 6 to puberty, characterized by subdued psychosexual energy and a focus on social and intellectual growth.

Freud

Sigmund Freud, an Austrian neurologist and founder of psychoanalysis, a clinical method for treating psychopathology through dialogue between a patient and a psychoanalyst.

Rest Period

A rest period is designated time off or a break, allowing for recovery or relaxation between durations of work or activity.

Phallic Stage

A phase in Freud’s psychosexual development theory occurring from ages three to six, where the libido's focus is on the genital area.