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Chelsea Ann is single, age 35, and wants to make a contribution to an IRA for the year ended December 31, 2017 She is an

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Chelsea Ann is single, age 35, and wants to make a contribution to an IRA for the year ended December 31, 2017 She is an active participant in a qualtied retirement plan sponsored by her employer Her AGI for 2017 is $119,000 before considering anry IRA contribution Read the regurements Requirement a, what type of RA?ifany, is Chelsea Ann oigble to make a cortrbtn to tor 201m"she eligible tocontribute to an RA whatiste maximum armourt that she cnttule tote IRA? (Enter a "0" if she is not eligible to make a contribution. Do not round intermediary calculations Only round the amount you input in the cell to the nearest whole dollar For 2017 Chelsea Ann is eligible to make a S contribution to a tradional IRA She is eligible to make nondeductible contribution to a tradtional IRA. Aternatively contribution to a Roth IRA and a she can contribute to a nondeducible tracitional IRA Requirement b. Assume Chelsea Ann contributes a total of $14,000 over six years to a Roth IRA In 2023, she withdraws $17.000 to pay off her car loan Her financial advisor suggested she withdraw the money from the IRA for two major reasons (1) to eliminate her debt and (2) no tax would be due on distributions from a Roth IRA afher five years. Chelisea Ann wants to verity the accuracy of her advisor's advice What would be the tax consequences of this withdrawal? The tax consequences of this withdrawal are as follows (Select al consequences that apply If a box is not used in the table leave the box empty, do not select a tabel) Aematively what if Chelsea Ann withdrew the $17,000 to purchase a house (she is a frst-time homebuyer)? Atematively, t the $17,000 was used to purchase a house, the tax consequences of this windrawal are as folows (Select all consequences that apply If a box is not used in the table leave the box empty, do not select a label) Chelsea Ann is single, age 35, and wants to make a contribution to an IRA for the year ended December 31, 2017 She is an active participant in a qualtied retirement plan sponsored by her employer Her AGI for 2017 is $119,000 before considering anry IRA contribution Read the regurements Requirement a, what type of RA?ifany, is Chelsea Ann oigble to make a cortrbtn to tor 201m"she eligible tocontribute to an RA whatiste maximum armourt that she cnttule tote IRA? (Enter a "0" if she is not eligible to make a contribution. Do not round intermediary calculations Only round the amount you input in the cell to the nearest whole dollar For 2017 Chelsea Ann is eligible to make a S contribution to a tradional IRA She is eligible to make nondeductible contribution to a tradtional IRA. Aternatively contribution to a Roth IRA and a she can contribute to a nondeducible tracitional IRA Requirement b. Assume Chelsea Ann contributes a total of $14,000 over six years to a Roth IRA In 2023, she withdraws $17.000 to pay off her car loan Her financial advisor suggested she withdraw the money from the IRA for two major reasons (1) to eliminate her debt and (2) no tax would be due on distributions from a Roth IRA afher five years. Chelisea Ann wants to verity the accuracy of her advisor's advice What would be the tax consequences of this withdrawal? The tax consequences of this withdrawal are as follows (Select al consequences that apply If a box is not used in the table leave the box empty, do not select a tabel) Aematively what if Chelsea Ann withdrew the $17,000 to purchase a house (she is a frst-time homebuyer)? Atematively, t the $17,000 was used to purchase a house, the tax consequences of this windrawal are as folows (Select all consequences that apply If a box is not used in the table leave the box empty, do not select a label)

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