Marge has a Roth IRA held more than 5 years to which she has contributed $38,000. The IRA has a current value of $62,000. Marge is 65 years old and she takes a distribution of $40,000. How much of the distribution will be taxable to Marge?
Marge has a Roth IRA held more than 5 years to which she has contributed $38,000. The IRA has a current value of $62,000. Marge is 65 years old and she takes a distribution of $40,000. How much of the distribution will be taxable to Marge?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
G.308.
![Marge has a Roth IRA held more than 5 years to which
she has contributed $38,000. The IRA has a current value
of $62,000. Marge is 65 years old and she takes a
distribution of $40,000. How much of the distribution will
be taxable to Marge?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F044bac28-ab70-4e59-b1b8-a3fff6c91062%2F034a144e-7270-41bc-af92-d0670bd64508%2Fv6146l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Marge has a Roth IRA held more than 5 years to which
she has contributed $38,000. The IRA has a current value
of $62,000. Marge is 65 years old and she takes a
distribution of $40,000. How much of the distribution will
be taxable to Marge?
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