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How much of the conversion will be subject to tax

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Q1. Kayson's income is too high to make contributions to a Roth IRA. He would like to convert his traditional IRA to a Roth IRA. His current balance is $125,000, which includes $28,300 in nondeductible contributions. How much of the conversion will be subject to tax?

A. $0

B. $28,300

C. $96,700

D. $125,000

Q2. When a traditional IRA is inherited from a spouse, the surviving spouse has three choices. Each of the following are options EXCEPT:

A. Continue to treat themselves as a beneficiary.

B. Designate themselves as the account owner and treat the IRA as their own.

C. Use the owner's age in the year of death to determine the required minimum distribution.

D. Treat it as their own by rolling it over into their own IRA, or to the extent taxable, into a qualified plan.

Q3. Matt Burton, born in 1961, would like to receive the largest social security benefit. At what age should he start to collect his benefits?

A. 62

B. 67

C. 70

D. 71

Reference no: EM132596336

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