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A taxpayer withdraws $ 2 5 , 0 0 0 from their IRA early to help pay for the downpayment on a new house following
A taxpayer withdraws $ from their IRA early to help pay for the downpayment on a new house following a divorce. They also had to pull out $ from the same account incident to a Qualifying Domestic Relations Order to give to their former spouse. Both of these withdrawals are considered early and subject to a penalty in TY The question is: How much is taxable to the taxpayer and how much penalty should they pay?
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