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2) Penny age 52 takes a distribution of $30,000 from her traditional IRA account. She plans to deposit it in an IRA with a different
2) Penny age 52 takes a distribution of $30,000 from her traditional IRA account. She plans to deposit it in an IRA with a different bank. Shortly after the distribution she drives her car through the front window of her credit union in a freak accident, and uses the funds to pay for the damages. What income and /or penalties related to the failed roll over must she show on her tax return?
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