Which of the following statements regarding required minimum distributions is NOT correct?
A) Required minimum distributions must occur no later than age 59½.
B) The first minimum withdrawal can be delayed until April 1 of the year following the owner turning 70½.
C) Annual minimum withdrawals are based upon the life expectancy of the owner.
D) There is a 50% penalty on taxes owed if minimum distributions are not taken.
Ans: A) Required minimum distributions must occur no later than age 59½.
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Sally's adjusted gross income is $38,000.00. She does not own a home but has charitable contributions of $1,500.00 and interest on her car of $2,100.00. This year she also had medical expenses of $2,000.00. She is allowed a standard deduction of $5,950.00 and one personal exemption of $3,800.00. What is Sally's taxable income?
A. $28,250.00 B. $29,200.00 C. $38,000.00 D. $31,300.00
The social context of communication refers to the place or location where communication takes place
Indicate whether the statement is true or false.