Ralph has a $120,000 IRA with the Red Association.For personal reasons,he decides to move his funds to the Blue Association.He requests that his funds be distributed to him on August 20,20xx.
a.What amount will Ralph receive from the Red Association?
b.What is the last day Ralph can deposit the funds from the Red Association and avoid taxation in the current year?
c.If the funds were distributed from a qualified retirement plan not an IRA),how much would Ralph receive?
d.Assuming the funds were distributed from a qualified retirement plan,not an IRA,how much will Ralph have to contribute to the Blue Association to avoid taxable income and any penalties?

Question

Quizplus · Accepted Answer

The Answer of Ralph has a $120,000 IRA with the Red Association.For personal reasons,he decides to move his funds to the Blue Association.He requests that his funds be distributed to him on August 20,20xx.
a.What amount will Ralph receive from the Red Association?
b.What is the last day Ralph can deposit the funds from the Red Association and avoid taxation in the current year?
c.If the funds were distributed from a qualified retirement plan not an IRA),how much would Ralph receive?
d.Assuming the funds were distributed from a qualified retirement plan,not an IRA,how much will Ralph have to contribute to the Blue Association to avoid taxable income and any penalties?

Ralph Has a $120,000 IRA with the Red Association