Sally Simple start working for ACB in 2019 when she was 35 She makes $100,000...
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Accounting
Sally Simple start working for ACB in 2019 when she was 35
She makes $100,000 annually in 2019 - 2021
She is allowed to contribute 10% of her salary pre-tax to her companys 401(k)
Sallys employer matches 50% of the employee contribution o Assume the account did not generate any earnings during the year
Vesting is 3-year cliff
How much money can Sally rollover to a new employer plan or IRA if:
She left ACB at end of 2019 o She left ACB at end of 2021
If she left ACB at end of 2021 but does not roll over the balance, how much taxable income will she have to report?
Will the amount be subject to early withdrawal penalty?
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