QUESTION 7 Jim, who is age 39, converts a $74,500 Traditional IRA to a Roth IRA in 2019. Jim's adjustedbasis in the Traditional IRA is $10,000. He also makes a contribution of $6,000 to a Roth IRAin 2019 for the tax year 2019. If Jim takes a $4,000 distribution from his Roth IRA in 2020when the account is worth $100,000, how much total federal income tax, including penalties is due as a result of the distribution assuming his 2020 federal income tax rate is 24 percent? $0 $400 $960 $1,360