What is total amount telly will receive from the blue fund

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Reference no: EM131579672

Telly, age 38, has a $140,000 IRA with Blue Mutual Fund. He has read good things about the management of Green Mutual Fund, so he opens a Green Fund IRA. Telly asked for and received his balance from the Blue Fund on May 1, 2016.

a. What is the total amount Telly will receive from the Blue Fund IRA?

b. What amount must Telly contribute to the Green Fund IRA to avoid having taxable income and penalties for early withdrawal?

d. What amount will Telly initially receive if the distribution were from his employer's qualified retirement plan?

Reference no: EM131579672

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