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Short Problems: 1. Mrs. Kwan (AGI of 50k each year) withdrew the entire $8,000 balance from her IRA this year. Her total contributions to the
Short Problems: 1. Mrs. Kwan (AGI of 50k each year) withdrew the entire $8,000 balance from her IRA this year. Her total contributions to the account were $6,070, and her marginal tax rate is 12 percent. Determine the tax cost of the withdrawal if: Mrs. Kwan is age 68 and opened the Roth IRA seven years ago. She withdrew funds to buy a new car. Mrs. Kwan is age 45 and opened the Roth IRA seven years ago. She withdrew funds to buy a new car. Mrs. Kwan is age 45 and opened the Traditional IRA seven years ago. Assume she used the funds to buy her first house
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