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Using the option list provided, determine if the taxpayer in each scenario below will be subject to an additional tax for premature distributions from a
Using the option list provided, determine if the taxpayer in each scenario below will be subject to an additional tax for premature distributions from a retirement account. Assume all taxpayers are under 59 1/2. A B 1 Scenario Additional Tax? 2 John is temporarily disabled. 3 Randy wants to buy his first house; it will cost $10,000. 4 Mandy is adopting a child for $3,500. 5 Rick has to pay medical expenses that are 6% of his AGI. 6 Jesse pays room and board for college. 7 Marty is unemployed and pays a health insurance premium
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