RICP HS355 questions with verified answers
graded A+ already passed
1. client has 150k in company stock just the cost basis of 50k as it was the
contribution amount
and then chooses to take a
lump sum. the value of the
stock when it was allocated
to her account was $50k.
how much of the dis-
tribution will be taxed as
ordi- nary income?
2. how to calculate taxable non-de- the equation is non-deductible amount divided
by the total
ductible IRA conversion to ROTH IRA balances. then use that percentage to get
the tax free
portion of the conversion amount
3. example of non-deductible 30,000/200000=15%
IRA conversions. what is the .15x50,000=7,500
tax- able amount on a
50,000-7500=42,500 taxable
conversion of 50k that
includes 30k of non-de-
ductible contributions with
an additional 150k rollover
IRA false. it is a year by year consideration
4. T/F a couple automatically
re- mains eligible to use the
actual joint life expectancy
method as long as they are
married.
5. how do Roth non qualified distri- Roth employer plans follow a pro rate rule where
as Roth
1/
15
, RICP HS355 questions with verified answers
graded A+ already passed
butions work? IRAs do not
6. what types of annuities candeferred income annuities. variable and indexed do not
be used for a QLAC qualify
7. what does QLAC stand for qualified longevity annuity contract
8. coverage begins July 1st
2/
15
graded A+ already passed
1. client has 150k in company stock just the cost basis of 50k as it was the
contribution amount
and then chooses to take a
lump sum. the value of the
stock when it was allocated
to her account was $50k.
how much of the dis-
tribution will be taxed as
ordi- nary income?
2. how to calculate taxable non-de- the equation is non-deductible amount divided
by the total
ductible IRA conversion to ROTH IRA balances. then use that percentage to get
the tax free
portion of the conversion amount
3. example of non-deductible 30,000/200000=15%
IRA conversions. what is the .15x50,000=7,500
tax- able amount on a
50,000-7500=42,500 taxable
conversion of 50k that
includes 30k of non-de-
ductible contributions with
an additional 150k rollover
IRA false. it is a year by year consideration
4. T/F a couple automatically
re- mains eligible to use the
actual joint life expectancy
method as long as they are
married.
5. how do Roth non qualified distri- Roth employer plans follow a pro rate rule where
as Roth
1/
15
, RICP HS355 questions with verified answers
graded A+ already passed
butions work? IRAs do not
6. what types of annuities candeferred income annuities. variable and indexed do not
be used for a QLAC qualify
7. what does QLAC stand for qualified longevity annuity contract
8. coverage begins July 1st
2/
15
