Question

In: Accounting

Anthony reached age 70 1/2 in September of 2015 and took his required minimum distribution from...

Anthony reached age 70 1/2 in September of 2015 and took his required minimum distribution from his traditional IRA on April 1, 2016. What is the deadline for his next required minimum distribution?

a) December 31, 2016

b) April 1, 2017

c) April 15, 2017

d) December 31, 2017

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Fred turned 70 1/2 on October 1, 2015. He took the first required minimum distribution from...
Fred turned 70 1/2 on October 1, 2015. He took the first required minimum distribution from his traditional IRA on April 1 2016. What is the deadline for his next required minimum distribution?
Jeremy, age 53 separated from service in took a non periodic distribution from his 401 (k)...
Jeremy, age 53 separated from service in took a non periodic distribution from his 401 (k) plan, in this situation is the distribution subject to penalty?
Lois (DOB September 25, 1949) must take her first required minimum distribution from her traditional IRA...
Lois (DOB September 25, 1949) must take her first required minimum distribution from her traditional IRA by what date? April 1, 2020. April 1, 2021. April 1, 2022. April 1, 2023.
____   1.   Al single, age 70, and has gross income of $100,000. His deductible expenses are...
____   1.   Al single, age 70, and has gross income of $100,000. His deductible expenses are as follows: Alimony $9,000 Charitable contributions 5,000 Contribution to a traditional IRA 4,000 Medical expenses 11,850 State income taxes 4,000 Expenses paid on rental property 8,000 Unreimbursed moving expenses to a new job in a new city (400 miles away) 1,000 Interest on home mortgage and property taxes on personal residence 8,000 State income tax 9,000 What is Al’s medical deduction? a. $2,300. b....
1. Rob took the afternoon off from his job as a tire salesman to mow his...
1. Rob took the afternoon off from his job as a tire salesman to mow his lawn. Rob told his wife that this made sense because he would be saving the $50 he would have to pay a lawn service, noting that this would be the opportunity cost to the family. Rob’s wife disagreed. What did Rob’s wife say?    a.   That Rob just wanted to take the afternoon off.    b.   The opportunity cost would be Rob’s lost income...
On September 30, 2015, Ericson Company negotiated a 2-year, 1,000,000 dudek loan from a foreign bank...
On September 30, 2015, Ericson Company negotiated a 2-year, 1,000,000 dudek loan from a foreign bank at an interest rate of 2 percent per year. It makes interest payments annually on September 30 and will repay the principal on September 30, 2017. Ericson prepares U.S.-dollar financial statements and has a December 31 year-end. a.Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 dudek: September 30, 2015 $0.100 December 31, 2015   0.105 September...
On September 30, 2015, Ericson Company negotiated a 2-year, 1,000,000 dudek loan from a foreign bank...
On September 30, 2015, Ericson Company negotiated a 2-year, 1,000,000 dudek loan from a foreign bank at an interest rate of 2 percent per year. It makes interest payments annually on September 30 and will repay the principal on September 30, 2017. Ericson prepares U.S.-dollar financial statements and has a December 31 year-end. a.Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 dudek: September 30, 2015 $0.100 December 31, 2015   0.105 September...
Q. 2. Bob Sample opened Campus Laundry on September 1, 2015. During the first month of...
Q. 2. Bob Sample opened Campus Laundry on September 1, 2015. During the first month of operations the following transactions occurred. September 1: Stockholders invested 80,000 SR cash in the business. September 2: Cash deposited into Commercial Bank SR 15,000. September 3: Paid 2,500 SR cash for store rent for the month of September. September 4: Purchased washers and dryers for 45,000 SR September 6: Paid 2,800 SR for one-year insurance policy. September 20: Declared and paid a 2,900 SR...
On March 31, 2018, Candia reaches age 70 1/2. What is the maximum contribution amount that...
On March 31, 2018, Candia reaches age 70 1/2. What is the maximum contribution amount that she can make to her traditional IRA if she has earned income of approximately $20,000 in both 2017 and 2018 tax year’s?
Julian, age 27 has 2 children, ages 4 and 3, from his firstmarriage. He is...
Julian, age 27 has 2 children, ages 4 and 3, from his first marriage. He is now married to Margaret. The children live with their mother, Alice. Julian and Margaret each make $26,000 per year and have recently bought a house for $100,000, with a $95,000 mortgage. They have the following life, health, and disability insurance coverage:Policy APolicy BPolicy CInsuredJulianJulianMargaretFace Amount250,00078,00020,000Type20 year level termGroup termGroup termAnnual Premium$250$156$50Who pays premiumTrusteeEmployerEmployerBeneficiaryTrusteeAliceJulianPolicy ownerTrustJulianMargaretHealth Insurance: Julian and Margaret are covered under Julian’s employer plan,...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT