Phillip, who is currently age 52, made his only contribution to his Roth IRA in 2015 in the amount of 55, 500. If he were to receive a total distribution of 511, 000 from his Roth IRA in the year 2020 to purchase a new car, how would he be taxed? Since Phillip waited five years, the distribution will be classified as a "qualified distribution" and will therefore not be taxable or subject to the 10% early distribution penalty. Since Phillip waited five years, the distribution will be classified as a "qualified distribution" and will therefore not be taxable but will be subject to the 10% early distribution penalty. Although Phillip waited five years, the distribution will not be classified as a "qualified distribution" and will therefore be taxable and will be subject to the 10% early distribution penalty. Although Phillip waited five years, the distribution will not be classified as a "qualified distribution" and will therefore be taxable to the extent of earnings and will be subject to the 10% early distribution penalty on the amount that is taxable