Individual retirement accounts (lo 5.3) mary has a roth ira held more than 5 years to which she has contributed $30,000. the ira has a current value of $62,000. mary is 55 years old and she takes a distribution of $38,000. how much of the distribution will be taxable to mary?
Solved
Show answers
More tips
- D Dating, Love, Relationships Is it a Compliment or Flattery: What s the Difference?...
- H Health and Medicine What Are the Best Vitamins? A Scientific View on Vitamin Supplements...
- F Food and Cooking From Latte to Espresso: Which Coffee Drink is the Most Popular on Earth?...
- C Computers and Internet How to Set Up Internet on iPhone? Detailed Guide with Step-by-Step Instructions...
- F Family and Home How to Teach Your Child to Speak: Tips and Recommendations...
- P Philosophy Agnosticism: Opinion or Belief?...
- S Style and Beauty How to choose the best mascara for your eyelashes...
- F Food and Cooking Discover Delicious Recipes You Can Make with Ground Meat...
- C Computers and Internet Google Search Tips and Tricks: Everything You Need to Know...
- S Science and Technology Why is there no gravity on other planets?...
Answers on questions: Business
- E English 40 pointsplss help write a story for me plss Rules 1. it should be a first person story (me, I, my) 2. it should tell the story of you discovering something or learning something...
- H History The process through which an individual is made a part of society is socialization. true or false...
- H Health The example of the two different burial practices (e.g. brains and parts of body consumed by relatives versus body treated with chemicals, placed in coffin and buried in the ground),...
Ответ:
$8,000
Explanation:
Since Mary is not 59 1/2 years old yet, the distributions she gets from her Roth IRA will be taxed (she only met the 5 year rule). She will have to pay a 10% penalty and income taxes on the earnings that she withdraws.
Mary will have to pay only for the earnings that she withdraws, and luckily for her the contributions are withdrawn first. Mary's earnings = $38,000 - contributions = $38,000 - $30,000 = $8,000
Ответ: