Chapter 6 Classwork
Quiz by Road Manager
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- Q1
Rosa (age 32) changed jobs and received a Form 1099-R from her former employer with a gross distribution of $1,200. Rosa opened an IRA and deposited the entire $1,200 sixty-one days after receiving the check. Which of the following statements is true?
The $1,200 distribution is excludable from income
The $1,200 distribution is includable as income
The $1,200 distribution is eligible to be taxed at a special rate
Part of the $1,200 distribution is excludable from income
300s - Q2
Ben inherited his mother's IRA when she passed away. What options does he have for how to handle this IRA?
Ben can contribute to this account
Ben can rollover money from his IRA into this IRA
Ben can rollover the money into his own IRA
None of these
300s - Q3
A taxpayer age 43 may contribute to an IRA up to:
$5,500
None of these
$6,500
$6,000
300s - Q4
Taxable compensation for a traditional IRA includes:
Capital Gains
Interest & Dividends
Salaries & Wages
All of these
300s - Q5
Additional taxes/penalties due to early withdrawal from retirement accounts are reported on:
Line 19, Schedule 1
Line 17, Schedule 1
Line 8, Schedule 2
Line 17, Form 1040
300s - Q6
SSI is sometimes taxable income
falsetrueTrue or False300s - Q7
You can contribute to a Roth IRA at any age, but not at any income level.
truefalseTrue or False300s - Q8
Pension or annuity distributions would have a tax-free portion if you made any after-tax contributions to the plan
truefalseTrue or False300s - Q9
A rollover and conversion are the same things
falsetrueTrue or False300s - Q10
The only limitation to IRA contributions is $6,000 per taxpayer ($7,000 if age 50 or older).
falsetrueTrue or False300s - Q11
The IRA deduction is claimed in the adjustment section on line 20, Schedule 1.
truefalseTrue or False300s