Retlfement Income Taxation xam Question 14 of 25 elect the best answer Jerry beg

Question

Retlfement Income Taxation xam Question 14 of 25 elect the best answer Jerry begins working for his new employer on March 2, 2017. After several months, Jerry resigns from his current position and is notified that his accrued benefits in the qualified plan are $5,200, of which $1,200 is attributable to his current employment and $4,000 is attributable to his rollover of benefits from his prior employers qualified plan. Which of the following statements is true for Jerry's current employer with respect to the cash-out rules, if Jerry does not state otherwise? The automatic IRA rollover rules apply because the accrued benefits from the current employer exceed $1,000 but do not exceed $5,000. A. c IRA rollover rules apply because the rollover-accrued benefits exceed $1,000 B. but do not exceed $5,000. The cash rules may apply because the accrued benefits from the current employer do not exceed $1,500 C. D. The cash-out rules do not apply because the accrued benefits exceed $5,000. Exit& Resume Later

Explanation / Answer

The correct answer is Option A i.e. The automatic IRA rollover rules apply because the accrued benefits from the current employer exceed $1,000 but do not exceed $5,000.

Related Questions

Navigate

• Browse (All)
• Browse R
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.