EA Part 1 - Section 1200 - Retirement Income UPDATED
ACTUAL Questions and CORRECT Answers
For 2023, owners of traditional individual retirement A. By April 1 of the year following the year in which the owner reaches age 73
accounts (IRAs) are required to begin receiving
distributions no later than the following:
A. By April 1 of the year following the year in which the
owner reaches age 73
B. By April 1 of the year in which the owner reaches age
73
C. By January 1 of the year in which the owner reaches
age 73
D. By April 1 of the year following the year in which the
owner reaches age 59-1/2
Jackie 72 years old. She is required to take a minimum A. $0
distribution of $39,000 from her IRA in 2023, which is all
taxable, but decides to make a qualified charitable
distribution from her IRA of $50,000 on March 31, 2023.
What amount is included in gross income if Jackie
instructs the trustee of the IRA to transfer the $50,000
to a qualified charity?
A. $0
B. $11,000
C. $39,000
D. $50,000
, Which of the following statements is correct B. The contribution and any earnings on it must be withdrawn by the date the
concerning excess contribution to a traditional IRA and taxpayer's return is due (or within 6 months of the due date, including
the 6% excise tax? extensions) to avoid the 6% excise tax.
A. The contribution and any earnings on it must be
withdrawn by the date the taxpayer's return is due (or
within 6 months of the due date, excluding extensions)
to avoid the 6% excise tax.
B. The contribution and any earnings on it must be
withdrawn by the date the taxpayer's return is due (or
within 6 months of the due date, including extensions)
to avoid the 6% excise tax.
C. The contribution only must be withdrawn by the date
the taxpayer's return is due (including extension) to
avoid the 6% excise tax.
D. The contribution only must be withdrawn by the date
the taxpayer's return is due (excluding extension) to
avoid the 6% excise tax.
Maggie is 73 years of age. She received Social Security B. $58,800
benefits of $8,000, which includes $500 for Medicare
premiums. Withdrawals from her IRA were $16,000 and
she received $22,000 from a pension. She also had
other income of $14,000. How much is Maggie's
adjusted gross income?
A. $59,225
B. $58,800
C. $60,000
D. $60,500
When must distributions from a Roth IRA begin? D. Distributions are not required during the taxpayer's life.
A. No later than December 31 of the year the account
owner reaches age 73
B. No later than April 1 of the year following the year
the account owner reaches age 73
C. No later than December 31 of the year following the
year the account owner reaches age 73
D. Distributions are not required during the taxpayer's
life.
ACTUAL Questions and CORRECT Answers
For 2023, owners of traditional individual retirement A. By April 1 of the year following the year in which the owner reaches age 73
accounts (IRAs) are required to begin receiving
distributions no later than the following:
A. By April 1 of the year following the year in which the
owner reaches age 73
B. By April 1 of the year in which the owner reaches age
73
C. By January 1 of the year in which the owner reaches
age 73
D. By April 1 of the year following the year in which the
owner reaches age 59-1/2
Jackie 72 years old. She is required to take a minimum A. $0
distribution of $39,000 from her IRA in 2023, which is all
taxable, but decides to make a qualified charitable
distribution from her IRA of $50,000 on March 31, 2023.
What amount is included in gross income if Jackie
instructs the trustee of the IRA to transfer the $50,000
to a qualified charity?
A. $0
B. $11,000
C. $39,000
D. $50,000
, Which of the following statements is correct B. The contribution and any earnings on it must be withdrawn by the date the
concerning excess contribution to a traditional IRA and taxpayer's return is due (or within 6 months of the due date, including
the 6% excise tax? extensions) to avoid the 6% excise tax.
A. The contribution and any earnings on it must be
withdrawn by the date the taxpayer's return is due (or
within 6 months of the due date, excluding extensions)
to avoid the 6% excise tax.
B. The contribution and any earnings on it must be
withdrawn by the date the taxpayer's return is due (or
within 6 months of the due date, including extensions)
to avoid the 6% excise tax.
C. The contribution only must be withdrawn by the date
the taxpayer's return is due (including extension) to
avoid the 6% excise tax.
D. The contribution only must be withdrawn by the date
the taxpayer's return is due (excluding extension) to
avoid the 6% excise tax.
Maggie is 73 years of age. She received Social Security B. $58,800
benefits of $8,000, which includes $500 for Medicare
premiums. Withdrawals from her IRA were $16,000 and
she received $22,000 from a pension. She also had
other income of $14,000. How much is Maggie's
adjusted gross income?
A. $59,225
B. $58,800
C. $60,000
D. $60,500
When must distributions from a Roth IRA begin? D. Distributions are not required during the taxpayer's life.
A. No later than December 31 of the year the account
owner reaches age 73
B. No later than April 1 of the year following the year
the account owner reaches age 73
C. No later than December 31 of the year following the
year the account owner reaches age 73
D. Distributions are not required during the taxpayer's
life.
