Practice Quiz

Financial Planner

Category - Retirement Savings and Income Planning

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The Internal Revenue Code excludes individual from withdrawal penalties. Which item is not excluded?
  1. On the date or after the participant are 59 ½ years old
  2. A payment to an alternate payee pursuant to a qualified domestic relations order
  3. Corrective distributions
  4. Prevention of eviction or foreclosure
Explanation
Answer: D - The prevention of eviction or foreclosure is not excluded from withdrawal penalties according to the Internal Revenue Code. Some inclusions are: on or after participant is 59 ½ years old, a payment to an alternate payee pursuant to a qualified domestic relations order, corrective distributions, distributions made to a beneficiary on or after the death of the participant, distributions made to an employee after separation from service after the age of 55, and distributions made on account of an IRS levy.
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