Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the answer i got was wrong but also tried it again and got 14256. just not feeling very confident and I only have two trues

the answer i got was wrong but also tried it again and got 14256. just not feeling very confident and I only have two trues left. Any help is appreciated.
image text in transcribed
Required information Problem 13-61 (LO 13-2) (Algo) [The following information applies to the questions displayed below.] Kathleen, age 56. works for MH Incorporated in Dallas, Texas. Kathleen contributes to a Roth 401(k), and MH contributes to a traditional 401(k) on her behalf. Kathleen has contributed $39,360 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $65,600 and the balance in her traditional 401(k) is $50,400. Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent. roblem 13-61 Part b (Algo) 1f Kathleen receives a $16,500 distribution from her Roth 401(k) account, how much will she be able to keep after paying taxes and enalties, if any, on the distribution

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Recall that Nominal return inflation rate

Answered: 1 week ago

Question

10. What is meant by a feed rate?

Answered: 1 week ago