MANNYIZDAMAN
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Cash: $ 2.50
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Joined: 15 Aug 2006
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| TRUE OR FALSE TRIVIA |
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TRUE OR FALSE
IF SOMEONE UNDER THE AGE 35 WITHDRAWS MONEY OUT OF A TAX-SHELTERED RETIREMENT ACCOUNT TO USE FOR A DOWN PAYMENT ON THEIR FIRST HOUSE, THERE WILL BE NO TAX LIABILITY
SOCIAL SECURITY BENEFITS MAY BE SUBJECT TO FEDERAL INCOME TAXES
GUARANTEED INVESTMENTS CONTRACTS (GICs) ARE A HIGH INTEREST EARNING, HIGH RISK INVESTMENT
IRAs CAN ONLY HAVE INVESTMENTS THE APPRECIATE IN VALUE OVER TIME
401Ks and 403Bs MUST INCLUDE A COMPANYY CONTRIBUTION(MATCH)
THE EXECUTOR DECIDES WHO WILL RECIEVE PROCEEDS FORM A WILL
IF THE OWNER OF A LIFE INSURANCE POLICY IS THE SAME PERSON AS THE INSURED FOR THE POLICY, THE PROCEEDS UPON DEATH WILL NOT BE ADDED INTO THE DECEASED ESTATE
IF YOU INVEST IN NAKED CALLS, YOU BELIEVE THE STOCK ON WHICH THE CALL WAS WRITTEN, WILL GO DOWN IN VALUE
YOUR TAKE HOME PAY IS REDUCED DOLLAR FOR DOLLAR WHEN YOU CONTRIUTE TO YOUR COMPANIES 401K
JOINT OWNERSHIP PORPERTY PASSES FROM ONE PERSON TO ANOTHER
WITHOUT PROBATE UPON THE DEATH OF ONE OF THE OWNERS
YOU SHOULD ALWAYS CONSIDER SOCIAL SERCURITY WHEN CALCULATING YOUR RETIREMENT NEED
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Mon Aug 21, 2006 3:38 am |
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lpstong
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Cash: $ 4.25
Posts: 21
Joined: 16 Aug 2006
Location: California
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IF SOMEONE UNDER THE AGE 35 WITHDRAWS MONEY OUT OF A TAX-SHELTERED RETIREMENT ACCOUNT TO USE FOR A DOWN PAYMENT ON THEIR FIRST HOUSE, THERE WILL BE NO TAX LIABILITY
I would say this is false.
SOCIAL SECURITY BENEFITS MAY BE SUBJECT TO FEDERAL INCOME TAXES
Yes this is true. If you earn on the social security. Or if you work and recieve social security I believe than you can still be taxed if you earn a certain amount.
GUARANTEED INVESTMENTS CONTRACTS (GICs) ARE A HIGH INTEREST EARNING, HIGH RISK INVESTMENT
False. Nothing is guaranteed in money
IRAs CAN ONLY HAVE INVESTMENTS THE APPRECIATE IN VALUE OVER TIME
False. Bad investments can happen with investements and IRA. Look at enron.
401Ks and 403Bs MUST INCLUDE A COMPANYY CONTRIBUTION(MATCH)
False. But I am not to sure. But I think you can get a 401 without a contribution without the company.
THE EXECUTOR DECIDES WHO WILL RECIEVE PROCEEDS FORM A WILL
True only if it is written inside the will and follows the state law.
IF THE OWNER OF A LIFE INSURANCE POLICY IS THE SAME PERSON AS THE INSURED FOR THE POLICY, THE PROCEEDS UPON DEATH WILL NOT BE ADDED INTO THE DECEASED ESTATE -
False. I believe it will be added to the estate if a beneficary is not named on the policy.
IF YOU INVEST IN NAKED CALLS, YOU BELIEVE THE STOCK ON WHICH THE CALL WAS WRITTEN, WILL GO DOWN IN VALUE
Not sure on this one. But I would say true.
YOUR TAKE HOME PAY IS REDUCED DOLLAR FOR DOLLAR WHEN YOU CONTRIUTE TO YOUR COMPANIES 401K
False.
JOINT OWNERSHIP PORPERTY PASSES FROM ONE PERSON TO ANOTHER WITHOUT PROBATE UPON THE DEATH OF ONE OF THE OWNERS Only if this persons name was on the house, lease etc. So true to an extent depending on the state and circumstance and item.
YOU SHOULD ALWAYS CONSIDER SOCIAL SERCURITY WHEN CALCULATING YOUR RETIREMENT NEED
I would say false. Dont rely on social security. I would say yes to calculate it in but dont rely on it to heavily when you do retire.
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Mon Aug 21, 2006 8:42 pm |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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IF SOMEONE UNDER THE AGE 35 WITHDRAWS MONEY OUT OF A TAX-SHELTERED RETIREMENT ACCOUNT TO USE FOR A DOWN PAYMENT ON THEIR FIRST HOUSE, THERE WILL BE NO TAX LIABILITY
I would say this is false.
There is no 10% penalty for withdrawing up to $10,000 towards first home, but there is tax, unless it is from a Roth IRA.
IF YOU INVEST IN NAKED CALLS, YOU BELIEVE THE STOCK ON WHICH THE CALL WAS WRITTEN, WILL GO DOWN IN VALUE
Not sure on this one. But I would say true.
If you invest in (buy) a call it gives you a right to buy the stock at the strike price (minus the cost of the call). So you would hope that the stock would rise above the strike price that you buy it at so you could sell it at a higher price. I guess naked means you used margin instead of cash to buy the call, so you should hope to profit from the call to pay back the margin
JOINT OWNERSHIP PORPERTY PASSES FROM ONE PERSON TO ANOTHER WITHOUT PROBATE UPON THE DEATH OF ONE OF THE OWNERS Only if this persons name was on the house, lease etc. So true to an extent depending on the state and circumstance and item.
Joint owners do not automatically inherit the entire property unless it also says something like "with rights of survivorship"
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Mon Aug 21, 2006 10:51 pm |
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