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Allen(age32) takes a distribution of 20,000 from his traditional IRA account which he plans to deposit into an IRA with different bank. During the 60-day
Allen(age32) takes a distribution of 20,000 from his traditional IRA account which he plans to deposit into an IRA with different bank. During the 60-day rollover period, he gambles and loses the entire IRA balance. What income and/or penalties must he show on his tax return related to failed rollover? Income $---- Penalty$------
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