American Bankers Association Exam CRCM Topic 2 Question 73 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 73
Topic #: 2

[All CRCM Questions]

Which account is NOT subject to backup withholding?

AA money market savings account owned by Brenda Wilson

BA time deposit account owned by Bob and Nancy Dawson

CAn IRA owned by Max Jones

DA savings account owned by Karen Hitchings

Show Suggested Answer

Suggested Answer: B

by Twana at Aug 11, 2023, 01:00 AM

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Terrilyn

1 months ago

Backup withholding? I thought it was just 'backup dancing' at a party.

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Catarina

1 months ago

Backup withholding? More like 'backup plan' if you ask me!

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Brendan

12 days ago

C) An IRA owned by Max Jones

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Tandra

18 days ago

A) A money market savings account owned by Brenda Wilson

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Rosio

1 months ago

A savings account? Ah, the classic choice. Nice and simple, Karen.

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Lea

18 days ago

I think the answer is C) An IRA owned by Max Jones.

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Micaela

1 months ago

An IRA? That's tax-deferred, not backup withholding. Way to go, Max!

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Artie

2 months ago

A time deposit account? That's gotta be taxable. Nice try, Bob and Nancy.

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Fidelia

1 days ago

No, time deposit accounts are not subject to backup withholding.

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Cora

19 days ago

B) A time deposit account owned by Bob and Nancy Dawson

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Vivan

2 months ago

A money market savings account? That's definitely subject to backup withholding. The IRS is watching, Brenda!

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Rana

4 hours ago

I believe a time deposit account owned by Bob and Nancy Dawson is also not subject to backup withholding.

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Meaghan

3 days ago

I agree, an IRA is not subject to backup withholding.

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Danilo

4 days ago

I think an IRA owned by Max Jones is not subject to backup withholding.

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Kristofer

6 days ago

A money market savings account? That's definitely subject to backup withholding. The IRS is watching, Brenda!

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Zana

12 days ago

Karen Hitchings: I guess I'm the lucky one with my savings account not subject to backup withholding.

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Melda

15 days ago

Karen Hitchings: I'm glad my savings account is not subject to backup withholding either.

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Therese

15 days ago

Max Jones: Good thing my IRA is not subject to backup withholding.

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Chaya

25 days ago

Max Jones: Don't worry Brenda, my IRA is not subject to backup withholding.

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Lasandra

29 days ago

Brenda Wilson: I didn't know my money market savings account was subject to backup withholding!

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Lynna

1 months ago

Bob Dawson: Our time deposit account is subject to backup withholding too.

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Janey

1 months ago

Brenda Wilson: I didn't know my money market savings account was subject to backup withholding!

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Ardella

2 months ago

I'm not sure, but I think D) A savings account owned by Karen Hitchings might also be correct.

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Lindsey

2 months ago

I agree with Judy, because IRAs are generally not subject to backup withholding.

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Judy

3 months ago

I think the answer is C) An IRA owned by Max Jones.

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