b. Jimmer opened the Roth account 44 months before he withdrew the $21,500, and Jimmer is age 53 Tax Penalty
b. Jimmer opened the Roth account 44 months before he withdrew the $21,500, and Jimmer is age 53 Tax Penalty
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Problem 13-77 (LO 13-4) (Algo)
[The following information applies to the questions displayed below]
Jimmer has contributed $20,000 to his Roth IRA, and the balance in the account is $23,000. In the current year, Jimmer
withdrew $21,500 from the Roth IRA to pay for a new car If Jimmer's marginal ordinary income tax rate is 23 percent, what,
amount of tax and penalty, if any, is Jimmer required to pay on the withdrawal in each of the following alternative
situations?
Note: Leave no answers blank. Enter zero if applicable.
Problem 13-77 Part b (Algo)
b. Jimmer opened the Roth account 44 months before he withdrew the $21,500, and Jimmer is age 53.
Tax
Penalty](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff6b3f251-5620-4c8b-8df4-ac54881f58ab%2Fbcb72dc0-533c-4338-a622-57b7f176399a%2F0o5bk5a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 13-77 (LO 13-4) (Algo)
[The following information applies to the questions displayed below]
Jimmer has contributed $20,000 to his Roth IRA, and the balance in the account is $23,000. In the current year, Jimmer
withdrew $21,500 from the Roth IRA to pay for a new car If Jimmer's marginal ordinary income tax rate is 23 percent, what,
amount of tax and penalty, if any, is Jimmer required to pay on the withdrawal in each of the following alternative
situations?
Note: Leave no answers blank. Enter zero if applicable.
Problem 13-77 Part b (Algo)
b. Jimmer opened the Roth account 44 months before he withdrew the $21,500, and Jimmer is age 53.
Tax
Penalty
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