Distribution from noncontributory-qualified pension plan

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Reference no: EM131264419

1. Nanette Mcphee receives $100,000 as a lump-sum distribution from a noncontributory, qualified pension plan upon early retirement to start a child care business. If, after receiving the distribution, Nanette decides not to start the business, is she permitted to roll over the distribution to a traditional IRA?

2.Jasper Fern, age 62, works full time and maintains two traditional IRA accounts. On March 23 of the current year, he withdraws $6,500 form one of his IRA accounts. The account is funded only with $6,500 nondeductible contributions. Its balance is $2,333 immediately after the withdrawal and $2,525 at year-end. The other IRA account is funded only with deductible contributions. Its balance is $40,177 as of March 23, and $43,500 balance as of December 31, the same year. What portion of Jasper's distribution constitutes gross income?

Reference no: EM131264419

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