Please Do not Give image format Lisa, age 46, needed some cashso she withdrew $59,500 from herRoth IRA. At the time of thedistribution, the balance in theRoth IRA was $200,000. Lisaestablished the Roth IRA 10 yearsago. Over the years, she hascontributed $21,900 to heraccount. What amount of thedistribution is taxable and subjectto early distribution penalty (ifany)?

Taxable income: It is the income calculated as per the tax laws and on which the applicable tax…

Answered: Lisa, age 46, neede so she withdrew $5

Business

Accounting

Lisa, age 46, neede so she withdrew $5

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Please Do not Give image format

Lisa, age 46, needed some cash
so she withdrew $59,500 from her
Roth IRA. At the time of the
distribution, the balance in the
Roth IRA was $200,000. Lisa
established the Roth IRA 10 years
ago. Over the years, she has
contributed $21,900 to her
account. What amount of the
distribution is taxable and subject
to early distribution penalty (if
any)?

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