Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of $12,000 to the Roth IRA ($4,000 a year). The current value of the Roth IRA is $16,300. In the current year, Sherry withdraws $14,000 of the account balance to purchase a car. Assuming Sherrys marginal tax rate is 24 percent, how much of the $14,000 withdrawal will she retain after taxes to fund her car purchase? Amount of withdrawal

Non-taxable amount

Amount subject to tax$0

Tax rate%

Penalty rate%

TaxPenalty

After tax withdrawal retained