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| 11. If an employer is the ________, he/she may not list the premiums as a tax deduction. |
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| 12. Which of the following retirement plans was developed primarily for self-employed businesses?A) SIMPLE Plans B)TSAs C)Section 457 Plans D)HR 10 Plans |
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| 13. If Sue removes all of the funds from her 401 K($60,000) and the insurer reatains $3,000 in administration costs, what amount will she be taxed on? |
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| 14. What amount of the benefit received by Abe in question #10 was taxable? |
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| 15. The first-time homebuyer and _______ _____ are penalty free distributions of both the traditional and Roth IRA's |
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Definition
| -higher education (tution cost) |
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| 16. A policy issued in January 1986 would be a (MEC), but it has been grandfathered. Increasing the face amount might cause the policy to lose the protection of the grandfather clause. (T or F) |
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| 17. The _____ has ownership rights of a Tax Sheltered Annunity. |
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| 18. You would have ____ ______ to complete a tax free rollover of a qualified retirement plan. |
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| 19. The ____ ____ ____ is used to determine the taxable amount of the proceeds received when a life insurance policy is surrendered. |
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