Reference no: EM132596480
Questions -
Q1. Beverly, a 76-year-old single taxpayer, forgot to take her 2019 required minimum distribution (RMD). Her account balance on December 31, 2018 was $220,000. What is her excess accumulations penalty?
A. $500
B. $5,000
C. $5,189
D. $10,000
Q2. Riley Pope, a retired railroad employee, received a Form RRB-1099-R with $12,000 in box 3. What does the box 3 amount represent?
A. The gross amount of vested dual benefits reduced by repayments.
B. The amount of prior-year repayments.
C. Riley's investment in the plan.
D. The gross amount of benefits paid, reduced by repayments
Q3. Louie received a Form RRB-1099 showing a gross benefit paid in 2019 of $18,772. What type of payment is this? This is Louie's:
A. Pension amount from the Railroad Retirement Board.
B. Total contributions to his railroad retirement and used to compute the taxable amount of his pension benefit.
C. Social security equivalent paid by the Railroad Retirement Board.
D. Social security payment paid by the Social Security Administration.
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