19. Lisa, age 47, needed some cash so she withdrew $57,000 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 $21,400 to her account. What amount of the distribution is taxable and subject to early distribution penalty?

MULTIPLE CHOICE

$0

$5,700

$35,600

$57,000

20. Kathy is 60 years of age and self-employed. During 2017 she reported $108,000 of revenues and $41,600 of expenses relating to her self-employment activities. If Kathy has no other retirement accounts in her name, what is the maximum amount she can contribute to a simplified employee pension (SEP) IRA for 2017? (Round your final answer to the nearest whole number)

MULTIPLE CHOICE

$12,342

$17,160

$60,800

$54,800

21. On November 1, year 1, Jamie (who is single) purchased and moved into her principal residence. In the early part of year 2, Jamie was laid off from her job. On February 1, year 2, Jamie sold the home at a $60,500 gain. She sold the home because she found a new job in a different state. How much of the gain, if any, may Jamie exclude from her gross income in year 2?

MULTIPLE CHOICE

$0

$6,050

$31,250

$60,500