A 55 year old recently received a $30,000 distribution from a previous employer’s 401k plan, minus $6,000 withholding. Which federal taxes apply if none of the funds were rolled over? Only income taxes on $30,000 Only income taxes on $24,000 Income taxes plus a 10% penalty tax on $30,000 Income taxes plus a 10% penalty tax on $24,000 54 of 100 Questions Remaining

A 55 year old recently received a $30,000 distribution from a previous employer’s 401k plan, minus $6,000 withholding. Which federal taxes apply if none of the funds were rolled over?
Only income taxes on $30,000
Only income taxes on $24,000
Income taxes plus a 10% penalty tax on $30,000
Income taxes plus a 10% penalty tax on $24,000
54 of 100 Questions Remaining

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