Reference no: EM132787419
Question - Diego (32) is filing as a single taxpayer. He changed jobs during the year, and when he left his first job, he decided to take a distribution of funds from his 401(k). He used the funds to make a down payment on a new car. The taxable amount of this distribution, reported in box 2a of Form 1099-R, was $14,500. There was a code 1 in box 7 of the Form 1099-R.
Diego was also the beneficiary of one of his great-grandmother's traditional IRAs. She passed away during the year, and Diego took a $2,000 distribution from the IRA. He used the money to pay down his credit card debt. As far as he knows, all of his great-grandmother's contributions to the account were deductible. This distribution was reported to him on a Form 1099-R with a code 4 in box 7.
Diego's only other income during the year was $40,000 in wages. He will claim the standard deduction.
1) What amount does Diego report for his adjusted gross income?
a) $40,000
b) $42000
c) $54,500
d) $56,500
2) What amount will Diego report for additional tax on IRAs, other qualified retirement plans, and other tax-favored accounts?
a) $0
b) $825
c) $1,450
d) $1,650
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