Taxpayer must complete the entire rollover process within 60 days or the distribution will be taxable. Taxpayer is subject to a penalty if they try to do a rollover from the same IRA more than once per year Distribution is subject to 20% withholding, and the taxpayer must come up with this amount themselves or it will be taxable. Taxpayer cannot claim an exception to the 10% penalty. Mark for follow up Question 55 of 75 Jamie is 42 years old and received a $20,000 distribution from his Roth IRA, established in 2011. At the time of the distribution, the Roth IRA account totaled $33,748: $18,000 regular contributions, $10,000 taxable conversion contributions made in 2016, and $5,748 earnings. How much of his distribution is taxable and subject to the early distribution penalty? O $0 taxable; $0 penalized. O S0 taxable; $2,000 penalized. O s0 taxable; $20,000 penalized. O $2,000 taxable; $2,000 penalized. Mark for follow up Question 56 of 75. When a taxpayer receives Form 1099-R with no amount entered in box 2a and code 7 in box 7 (with the IRA box checked)