Marie and Ben were just married, but Ben does not work. They are both 25 years old. Marie supports Ben with funds from her trust fund, investment income of $12,000, and her part-time earnings of $7,000 this year. If Marie contributes $6,000 in 2019 to her Roth IRA, how much can Ben contribute to his traditional IRA?

Group of answer choices

0

$6,000

$500

Herschel is in a bind. He has to pay off an auto loan in the amount of $12,500 on his car at the end of this month. He doesn't have the cash in his checking account. He decides to contribute the title of his car, worth about $14,000, to his IRA and take out the $12,500 from his IRA.

What happens to him and his IRA account pursuant to this exchange?

Group of answer choices

The account ceases to be an IRA and the entire balance in the IRA is treated as having been distributed.

He will penalized on the $12,500 withdrawn with a 10% penalty and the withdrawal will be ordinary income

No penalty, but the withdrawal will be treated as a distribution treated as ordinary income.

He's going to jail for a long time.