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Which of the following scenarios pertaining to IRAs is NOT correct?
A) Walter is age 60. He may take a distribution from his IRA without having to worry about an early withdrawal penalty.
B) June has accumulated $30,000 in her IRA. At age 53 she withdraws $2,500 to take a vacation. She will have to include the $2,500 in her taxable income for the year and pay a $250 penalty.
C) Bradley, age 72, is covered by an employer sponsored retirement plan. He cannot establish a traditional IRA.
D) Peter inherits $15,000 in IRA benefits from his father, who died in 2008. Peter can set up a tax-favored rollover IRA with the money and defer current income tax on the benefits received.
Answer: D) Peter inherits $15,000 in IRA benefits from his father, who died in 2008. Peter can set up a tax-favored rollover IRA with the money and defer current income tax on the benefits received.
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