Ages Flashcards
At what age is the child/dependent care credit availalable?
under age 13
Parent of this child this age if “in care” gets SS benefits if their fully insured spouse dies
Under age 16- Benefits will turn off once child in care reaches age 16 unless they are disabled
Child tax credit available?
Under age 17 (NOT age 17)
All net unearned income= subject to kiddie tax at what age
under 18
What about AT 18? check
Entitled to standard deduction amount of $1,100
under 18
Under what two circumstances does the surviving dependent (unmarried) qualify for SS
under 19 and full time student (not college)
Age 18+ but disabled before 22
UGMAs normally distributed at this age
Age 18
All net unearned income= subject to kiddie tax if __to ___ if they are a full time student
19-23
turning?
what about 18?
2503B trust NOT required to distribute corpus at ___
21
2503C trust REQUIRED to distribute corpus at ___ (qualifies for gift tax exclusion)
21
SEP participation special eligibility
21
UTMAs normally distributed at this age
21
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)
26
Ineligible for FAFSA (?)- maybe
23
Unrelated persons who are more than ___ years younger than the transferor are skip persons
37.5
DB plans favor employees over this age
50
This is NRA for a money purchase pension plan
62
The pension protection act allows for in service distributions as early as age ___ from DB plans
62
A governmental 457 account balance can be rolled into an IRA but not until age _____ or separation from service ( CONFIRM THIS)
70.5
After this age ____ (NOT AGE ___ ) QCDs can be made from an IRA
70.5, 72
SEP RMDs must be taken, but contributions can still be made
72
Important IRA rule- must take RMDs at __ even if NOT an owner
72
IRA penalty is ___ not ____
59.5, 55
age at which coverdell funds must be used by
30
