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Lisa, age 46, neede so she withdrew $5

Lisa, age 46, neede so she withdrew $5

FINANCIAL ACCOUNTING
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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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)?
Transcribed Image Text: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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