Question
Lisa, 45, needed some cash, so she withdrew $50,000 from her Roth IRA. At the time of the distribution, the balance in the Roth IRA
Lisa, 45, needed some cash, so she withdrew $50,000 from her Roth IRA. At the time of the distribution, the balance in the Roth IRA account was $200,000. Lisa established the Roth IRA account 10 years ago. Over the years, she has contributed $30,000 to her account.
How much of the distribution is taxable and subject to an early distribution penalty?
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In general qualified distributions from a Roth IRA are taxfree and not subject to an early distribu...
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Intermediate Accounting
Authors: Kin Lo, George Fisher
3rd Edition Vol. 1
133865940, 133865943, 978-7300071374
