Phillip, who is age 52 right now, made contribution to his Roth IRA two years ago in the amount of $5,000. He also converted his traditional IRA, valued at $45,000, to this Roth IRA. If he were to take a distribution of the entire balance ($70,000) from his Roth IRA today to purchase a new car. How much of the distribution is subject to ordinary income? Explain your