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Ryan, age 48, received an $11,000 distribution from his traditional IRA to pay for medical expenses (above the 7.5% of AGI floor). Ryan has
Ryan, age 48, received an $11,000 distribution from his traditional IRA to pay for medical expenses (above the 7.5% of AGI floor). Ryan has made only deductible contributions to the IRA and his marginal tax rate is 28 percent. What amount of taxes and early distribution penalties will Ryan be required to pay on the distribution?
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Financial and Managerial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
13th edition
1285866304, 978-1285866307
