At the age of 57 , James converted his traditional IRA, valued at $85,000, to a newly created conversion Roth IRA at which time he paid taxes on the converted amount. At age 60, James took a distribution from this Roth IRA of $100,000 to buy a new car for his daughter for college. Which of the following statements is true with regards to the distribution from the Roth IRA? $15,000 will be subject to ordinary income tax and early withdrawal penalty. $15,000 will be subject to ordinary income taxes and $100,000 will be subject to the 10% early withdrawal penalty. $100,000 will be subject to ordinary income tax. $15,000 will be subject to ordinary income tax. Corey, age 54 and single, has compensation this year of $105,000. His employer does not sponsor a qualified plan so Corey would like to contribute to a Roth IRA. What is Corey's maximum contribution for this year to the Roth IRA