Ages

Question 1

At what age is the child/dependent care credit availalable?

Answer 1

under age 13

Question 2

Parent of this child this age if “in care” gets SS benefits if their fully insured spouse dies

Answer 2

Under age 16- Benefits will turn off once child in care reaches age 16 unless they are disabled

Question 3

Child tax credit available?

Answer 3

Under age 17 (NOT age 17)

Question 4

All net unearned income= subject to kiddie tax at what age

Answer 4

under 18

What about AT 18? check

Question 5

Entitled to standard deduction amount of $1,100

Answer 5

under 18

Question 6

Under what two circumstances does the surviving dependent (unmarried) qualify for SS

Answer 6

under 19 and full time student (not college)

Age 18+ but disabled before 22

Question 7

UGMAs normally distributed at this age

Answer 7

Age 18

Question 8

All net unearned income= subject to kiddie tax if __to ___ if they are a full time student

Answer 8

19-23

turning?
what about 18?

Question 9

2503B trust NOT required to distribute corpus at ___

Answer 9

21

Question 10

2503C trust REQUIRED to distribute corpus at ___ (qualifies for gift tax exclusion)

Answer 10

21

Question 11

SEP participation special eligibility

Answer 11

21

Question 12

UTMAs normally distributed at this age

Answer 12

21

Question 13

Distributions from ABLE accounts used for qualified disability expenses are not included in gross income if the beneficiary became disabled before age ____ (the current age of the beneficiary doesn’t matter)

Answer 13

26

Question 14

Ineligible for FAFSA (?)- maybe

Answer 14

23

Question 15

Unrelated persons who are more than ___ years younger than the transferor are skip persons

Answer 15

37.5

Question 16

DB plans favor employees over this age

Answer 16

50

Question 17

This is NRA for a money purchase pension plan

Answer 17

62

Question 18

The pension protection act allows for in service distributions as early as age ___ from DB plans

Answer 18

62

Question 19

A governmental 457 account balance can be rolled into an IRA but not until age _____ or separation from service ( CONFIRM THIS)

Answer 19

70.5

Question 20

After this age ____ (NOT AGE ___ ) QCDs can be made from an IRA

Answer 20

70.5, 72

Question 21

SEP RMDs must be taken, but contributions can still be made

Answer 21

72

Question 22

Important IRA rule- must take RMDs at __ even if NOT an owner

Answer 22

72

Question 23

IRA penalty is ___ not ____

Answer 23

59.5, 55

Question 24

age at which coverdell funds must be used by

Answer 24

30