At the age of 45, an individual withdraws $50,000 from his Qualified Profit-Sharing Plan and then deposits this amount into a personal savings account. This action would result in: Only income tax on the amount withdrawn Income tax and a 10% penalty assessed upon funds withdrawn from the Qualified Plan Continued tax-free accumulations in the bank savings account Only a 10% penalty on the withdrawal of funds

At the age of 45, an individual withdraws $50,000 from his Qualified Profit-Sharing Plan and then deposits this amount into a personal savings account. This action would result in:
Only income tax on the amount withdrawn
Income tax and a 10% penalty assessed upon funds withdrawn from the Qualified Plan
Continued tax-free accumulations in the bank savings account
Only a 10% penalty on the withdrawal of funds

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