Your customer is 60 years old, and he opened his Roth IRA 9 years ago. He is liquidating his assets in his Roth IRA and sending the funds to his checking account. Which of the following is true regarding the tax implication of this action?

The FINRA Series 7 exam (the General Securities Representative Qualification Examination (GS)) tests your skills as a general securities representative, including sales of corporate securities, municipal securities, investment company securities, variable annuities, direct participation programs, options and government securities. Topics tested on Series 7 exam include: Seeks Business for the Broker-Dealer from Customers and Potential Customers; Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives; Provides Customers with Information... Show more

The FINRA Series 7 exam (the General Securities Representative Qualification Examination (GS)) tests your skills as a general securities representative, including sales of corporate securities, municipal securities, investment company securities, variable annuities, direct participation programs, options and government securities.

Topics tested on Series 7 exam include: Seeks Business for the Broker-Dealer from Customers and Potential Customers; Opens Accounts after Obtaining and Evaluating Customers’ Financial Profile and Investment Objectives; Provides Customers with Information about Investments, Makes Recommendations, Transfers Assets and Maintains Appropriate Records; Obtains and Verifies Customers’ Purchase and Sales Instructions and Agreements; Processes, Completes, and Confirms Transactions. You must pass the Securities Industry Essentials (SIE) exam and the Series 7 exam to obtain the General Securities Representative registration."
 

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