Gerry is 70 1/2 on April 1 of the current year and must receive a minimum distribution from his qualified plan. The account balance had a value of $423, 598 at the end of last year. The distribution period for a 70 year old is 27.4, and for a 71 year old it is 26.5. If Gerry takes a $15, 000 distribution next April 1st, what is the amount of the minimum distribution tax penalty associated with his first years distribution? $0. $230. $492. $985. Jim, who is age 39, converts a $74, 500 Traditional IRA to a Roth IRA in 2015. Jim's adjusted basis in the Traditional IRA is $10, 000. He also makes a contribution of $5, 500 to a Roth IRA in 2015 for the tax year 2015. If Jim takes a $4, 000 distribution from his Roth IRA in 2016 when the account is worth $100, 000, how much total federal income tax, including penalties, is due as a result of the distribution assuming his 2016 federal income tax rate is 28 percent? $0. $224. $800. $1, 120