1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
sineoko [7]
3 years ago
11

In January, Donna’s dad, who is 75 years old, agreed in an email with his financial advisor that he wanted to take a distributio

n of $50,000 from his IRA and roll it over into a new IRA. His financial advisor inadvertently moved the funds into a taxable account. This mistake was discovered by the advisor at the end of the year. As a result, the $50,000 will be treated as a taxable distribution. What should Donna’s dad do?
Business
1 answer:
andrey2020 [161]3 years ago
3 0

I believe this shouldn't affect him since he is 75 years old, past the 65 retirement age. So the $50K from this IRA can be withdrawn tax free. If he moved the funds to a checking account BEFORE 65, then it would be taxable. Check with a financial advisor.

You might be interested in
Olivia is willing to pay $185 a month for four years for a car payment. if the interest rate is 4.9 percent, compounded monthly,
Grace [21]
Let x = the price of the car that Olivia can afford.

Down payment = $2,500
Remaining amount to be financed is P = x - 2500.

Total payments should equal the monthly payments.
The total payment over 4 years (48 months) is
A  = $185*48 = $8,880

The rate is r = 4.9% = 0.049.
The compounding interval is n = 12.
The time is t = 4  years.
The amount financed is P = $(x - 2500).
Therefore
(x - 2500)(1 + 0.049/12)⁴⁸ = 8880
1.216(x - 2500) = 8880
x - 2500 = 7302.63
x = 9802.63
Olivia can afford a car priced at $9,802.63.

Answer: $9,802.63

4 0
2 years ago
Q 6.26: Howard Incorporated is determining ending inventory. In the inventory process, Howard inadvertently miscategorized a $6,
Fudgin [204]

Answer:

This error will decrease Howard's inventory by $6,000

Explanation:

Howard's inventory should include:

inventory on hand + goods purchased FOB shipping point + goods sold FOB destination point.

FOB shipping point means that the title of the goods is passed at the moment that they leave the seller's warehouse. FOB destination point means that the title of the goods is passed only after they have been delivered to the buyer's warehouse.

In this case, Howard purchased goods as FOB shipping point, so that means they should have been included in their inventory. Since they weren't, this error will decrease its inventory by $6,000.

5 0
2 years ago
Schedule of Cash Collections of Accounts Receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeM
mihalych1998 [28]

Answer and Explanation:

The preparation of the schedule of cash collections from sales for October, November, and December is presented below:

Particulars    October      November           December  

Sales           $58,000      $65,000           $72,000  

Cash sales   $14,500             $16,250                  $18,000

                     ($58,000 × 0.25)   ($65000 × 0.25)         ($72,000 ×.25 )

Credit sale   $43,500              $48,750                    $54,000  

                     ($58,000 - $14,500)                  

September account receivable       $35,000      

current month payment      

October credit sale:       $13,050       $30,450  

                   ($43,500 × 30%)       (43500 ×70%)  

November credit sale                 $14,625                    $34,125

                                                           ($48,750 × 30%)            (48750 × 70% )

December credit sale:                                  $16,200  

                                                                                                 ($54,000 × 30% )

Total cash collected         $62,550  $61,325                    $68,325

($14,500 + $35,000 + $13,050)   ($16,250 + $30,450 + $14,625)        ($18,000 + $34,125 + $16,200)

5 0
3 years ago
Why do marshmallows taste so good!
aliina [53]
Because they are made out of pig feet
5 0
3 years ago
Read 2 more answers
""The average daily rate charged by member banks for overnight loans of reserves" best describes the:"
Elodia [21]

Answer:

Federal funds rate

Explanation:

Federal funds rate is the interest rate at which commercial banks borrow and lend their excess reserves to each other overnight.

8 0
3 years ago
Other questions:
  • Ray Steen recently started a business. During the first few days of operation, Mr. Steen transferred $100,000 from his personal
    13·1 answer
  • Tori Inc. has some material that originally cost $72,000. The material has a scrap value of $31,900 as is, but if reworked at a
    15·1 answer
  • In a decision support system graphical model typically _____
    7·1 answer
  • A formal rotational program makes talent assessment easier for all of the following reasons except:______ A. Change assignments
    5·1 answer
  • The exit-voice-loyalty-neglect (EVLN) model Multiple Choice outlines the four consequences of emotional intelligence. is a templ
    12·1 answer
  • Social considerations can be used to justify ____
    9·1 answer
  • At December 31, 2017, Mallory, Inc., reported in its balance sheet a net loss of $12 million related to its postretirement benef
    9·1 answer
  • A letter of resignation should be written and delivered to each of your coworkers when you leave a job. True or False?
    15·2 answers
  • What is a consequence of not having health insurance?
    11·1 answer
  • One concern over external national debt is that interest and principal payments transfer wealth overseas. The percentage of the
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!