QUESTION 13 All of the following statements concerning the Social Security syste

Question

QUESTION 13 All of the following statements concerning the Social Security system are correct EXCEPT: The Social Security retirement benefit is payable at normal retirement age with reduced benefits available as early as age 59 k, to anyone who has obtained at least a minimum amount of Social Security benefits. prevent them from performing "substantial" work for at least a year, or result in death. benefits. Survivors benefits apply to those family members listed for family benefits, and may also include the O Disability benefit recipients must have a severe physical or mental impairment that is expected to either O The family benefit is provided to certain family members of workers eligible for retirement or disability worker's parents if the worker was their primary means of support. QUESTION 14 Mary, who turned 90 last December, decided to retire and takes a lump sum cash distribution of $600,000 from her former employer's profit sharing plan during the current year. Mary had worked for the employer since 1969. Which of the following taxation options are available for Mary in the year of this distribution? -1-Ten-year forward averaging. -2-Pre-74 capital gain treatment. 3-Net unrealized appreciation. -4-Five-year forward averaging. 1 and 4. O 1 and 2. O1, 2, and 3 O 2,3, and 4. QUESTION 15 When do separate accounts have to be established for multiple beneficiaries of an IRA after the death of the IRA owner? April 1 of the year of death. December 31 of the year of death. December 31 of the year after death. O Within 12 months after death.

Explanation / Answer

Answer 13.

The Social Security retirement benefit is payable at normal retirement age with reduced benefits available as early as age 59.5, to anyone who has obtained at least a minimum amount of Social Security benefits.

Age 62 is the minimum retirement age.

Answer 14.

1 and 2.

Ten-year forward averaging & Pre-74 capital gain treatment.

Answer 15.

December 31 of the year after death.

If the account is not separated by december 31st of the year following the year of the IRA owner's death, then they can never be separated.

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