John established his first Roth IRA six years ago and has made a total participant contribution of $8,000 so far. Two years ago, he also converted his Traditional IRA assets ($6,000) to his Roth IRA (tax deduction was allowed when he contributed to his Traditional IRA and he has paid tax at the time of conversion). John is now 55 years old.

(a). If John withdraws all the money (including contributions, conversions and earnings) from his account to pay for his sons college tuition now, is it a qualified distribution and why?

(b).The balance in Johns Roth IRA is $18,500. If John withdraws $18,500 to pay for a vacation, what amount is subject to income tax and what amount is subject to early-distribution penalty obligation?

Amount subject to income tax $_____

Amount subject to early-distribution penalty obligation $_______

c). The balance in Johns Roth IRA is $18,500. If John withdraws $18,500 from his account to pay for his sons college tuition, what amount is subject to income tax and what amount is subject to early distribution penalty obligation?

Amount subject to income tax $_______

Amount subject to early-distribution penalty obligation $______

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