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[The following information applies to the questions displayed below.] Allie received a $50,000 distribution from her 401(k) account this year that she established while working
[The following information applies to the questions displayed below.] Allie received a $50,000 distribution from her 401(k) account this year that she established while working for Big Stories, Incorporated. Assume that her marginal ordinary tax rate is 24 percent. c. Allie is 67 and retired. How much tax and penalty will Allie pay on the distribution?
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