Latest 401k Articles
  • 401k
    		•
  • Advantages of Making Salary Deferral 401k Contributions
    		•
  • 5 Characteristics of your 401k
    		•
  • Effects of the Pension Protection Act of 2006 on Lump Sum 401k Distributions
  • Tax Increase Prevention & Reconciliation Act of 2005 and 401k Retirement Plans
    		•
  • What Happens to your 401k when you are Divorced?
    		•
  • Risks of Investing 401k Retirement Plan Savings in Company Stock
    		•
  • Become a Millionaire with your 401k Plan
    		•
  • Roth 401k - A Look at the Final Roth 401k Rules
    		•
    Common Files

    401k Rollover Quiz - Test Your Knowledge

    The questions in this quiz are taken from the page 401k Rollover into IRA - Rules, Processes, Time & Fees Involved The quiz will tell you what questions you got wrong, and you can use the reference page to check up the correct answers.

    1) In which of the following circumstances can you NOT do a 401k Rollover?
    a) You quit your current employer and want to rollover into an Individual Retirement Account (IRA)
    b) You officially retire at age of 65
    c) You want to cash out your money with the sole intention of passing it onto your heirs
    d) You reach the age of 59.5 and want to withdraw your money

    2) You can have more than 1 rollover IRA Accounts for a diversified set of investments example mutual funds, energy and growth stocks, bonds, etc:
    a) True
    b) False
    3) A Rollover IRA (Individual Retirement Account) has a Contribution Limit for each year:
    a) True
    b) False
    4) The traditional IRA and Roth IRA have contribution limits of _____ per year:
    a) $10,000
    b) $12,000
    c) $14,000
    d) $15,000
    5) Which one of these is a "Direct Rollover?"
    a) Depositing your retirement savings into your checking account and writing a new check to to your IRA Rollover account.
    b) 100% rollover of your retirement savings into a Rollover IRA account.
    c) Getting your 401k Distributions check and paying 20% tax on it, cashing out the rest.
    d) None of the above
    6) You must rollover your retirement savings into an Individual Retirement Account (IRA) within how many days maximum?
    a) 45 days
    b) 50 days
    c) 60 days
    d) 90 days
    7) The withholding of 20% tax from all retirement savings rollovers can be bypassed by doing a:
    a) Direct trustee-to-trustee IRA rollover
    b) Indirect Checking Account Payment
    c) Making a lump sum rollover to your company stock
    d) None of the above
    8) The difference between an annual IRA contribution limit and an IRA Rollover is that:
    a) The IRA Rollover has $2000 contribution limit while the Annual IRA Contribution does not have a limit.
    b) The Annual IRA Contribution is limited to $2000 while there is NO limit for an IRA Rollover.
    c) You can transfer as much as you want in an IRA Rollover, whether it is $20,000 or $200,000. However, there is a contribution limit of $2000 per year for IRA Contributions
    d) Both b & c
    9) What's the difference between 401k Contributions and 401k Distributions?
    a) A 401k contribution is when you are paying money into your plan for retirement savings while a 401k Distribution is when you are withdrawing money out of your plan.
    b) A 401k Distribution is when you are paying money into your plan for retirement savings while a 401k Contribution is when you are withdrawing money out of your plan.
    c) A 401k contribution is an annual payment towards your 401k retirement savings while a 401k Distribution is a one time withdrawal of all retirement savings to your checkings account.
    d) None of the above
    10) The process of knowing your total 401k distributions from your vendor takes about:
    a) 1-2 weeks
    b) 2-3 weeks
    c) 1 month

    Quiz script provided by
    JavaScriptKit.com

     
    		 

    Contact Us - Privacy Policy - 401k Frontpage



    eXTReMe Tracker