An Employee Quits Her Job Where She Has A Balance Of $10 000 In Her Qualified Plan.If she decides to do a direct transfer from her plan to a Traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer

An Employee Quits Her Job Where She Has A Balance Of $10 000 In Her Qualified Plan. If she decides to do a direct transfer from her plan to a Traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer

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An Employee Quits Her Job Where She Has A Balance Of $10 000 In Her Qualified Plan.If she decides to do a direct transfer from her plan to a Traditional IRA, how much will be transferred from one plan administrator to another and what is the tax consequence of a direct transfer

 Options:

  • A) $10,000, no tax consequence
  • B) $8,000, no tax consequence
  • C) $8,000, tax on growth only
  • D) $10,000, tax on growth only

 

The Correct Answer Is:

  • A) $10,000, no tax consequence

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