John is 67 years old and distributes $100,000 from his IRA. It is not an...
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Finance
John is 67 years old and distributes $100,000 from his IRA. It is not an Individual Retirement Annuity.
Question 16 options:
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The plan custodian is required to withhold 20% for income taxes
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The plan custodian is required to withhold the exact amount of tax due
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The plan custodian is not required to withhold 20%. That 20% withholding does apply to qualified plans, but not IRAs
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The plan custodian is required to withhold 25% for income taxes
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