Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ina has contributed $2,400 to her Roth 401(k). She withfrew $1,000 when she was 29 years old to buy a new gaming computer on sale.

ina has contributed $2,400 to her Roth 401(k). She withfrew $1,000 when she was 29 years old to buy a new gaming computer on sale. There was $3,808 in the account when she withdrew the $1,000. How much tax and penalty must she pay? She is in the 24% tax bracket.

0 tax 0 penalty

89 tax, 37 penalty

240 tax, 100 penalty

0 tax, 100 penalt

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

European Financial Reporting Adapting To A Changing World

Authors: J. Flower

2nd Edition

0333685180, 9780333685181

More Books

Students also viewed these Accounting questions

Question

a. Did you express your anger verbally? Physically?

Answered: 1 week ago