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I need an explanation for this Business question to help me study. In your own words describe the differences between a Profit-Sharing Plan and a 401(k) Profit Sharing Plan. Discuss in 3-5 sentences. Discuss the penalty for distributions from a qualified plan before the age of 59 1⁄2. How can these be avoided? Discuss in 3-5 sentences. Explain a Spousal IRA. Discuss in 3-5 sentences. Explain what makes IRA Contributions deductible or not. Can a contribution still be made to an IRA if it is not deductible? Discuss in 3-5 sentences. Explain the similarities and difference between Qualified Roth IRA distribution and a Non-Qualified Roth IRA distribution. Discuss in 3-5 sentences.
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