Required information [The following information applies to the questions displayed below. George (age 42 at year-end) has been contributing to a traditional IRA for years (all deductible contributions) and his IRA is now worth $25,000. He is planning on transferring (or rolling over) the entire balance into a Roth IRA account. George's marginal tax rate is 24 percent. Assume that the amount is deposited to Roth IRA within 60 days. (Leave no answer blank. Enter zero if applicable.) a. What are the tax consequences to George if he takes $25,000 out of the traditional IRA and puts the entire amount into a Roth IRA? Tax payable Penalty Total 5,500 0 5,500