taxation

0.0(0)
studied byStudied by 0 people
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/10

encourage image

There's no tags or description

Looks like no tags are added yet.

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

11 Terms

1
New cards

Are corporate bonds taxed?

Interest payments are taxed as ordinary income at the federal, state, and local level.

Capital gains are taxed if they’re sold for profit.

2
New cards

Is interest from municipal bonds taxed?

They’re generally exempt from federal taxes.

3
New cards

Are T-bonds taxed?

Taxed federally, tax exempt at the state and local level.

4
New cards

Are 401(k)s with pre-tax or after-tax contributions?

Pre-tax.

5
New cards

Are 401(k)s taxed when withdrawn?

Yes.

6
New cards

Do penalties apply to 529 Plans?

Yes.

  1. When they’re used for non-educational purposes.

  2. When they’re withdrawn early.

7
New cards

Are Roth IRAs pre-tax or after-tax contributions?

After-tax.

8
New cards

Are withdrawals for a Roth IRA tax-free?

Only if qualified.

9
New cards

Are withdrawals of Roth IRAs penalty free?

Yes.

10
New cards

Are traditional IRAs pre-tax or after-tax contributions?

Pre-tax contributions.

11
New cards

Are there penalties when Traditional IRAs are taxed early?

Early withdrawal before 59½ penalty unless exceptions apply.