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Rollovers (LO 9.8) Allen (age 32) takes a distribution of $20,000 from his traditional IRA account which he plans to deposit into an IRA with
Rollovers (LO 9.8) Allen (age 32) takes a distribution of $20,000 from his traditional IRA account which he plans to deposit into an IRA with a different bank. During the 60-day rollover period, he gambles and loses the entire IRA balance. What income and/or penalties must he show on his tax return related to the failed rollover?]
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