Mark for follow up Question 2 of 75 Joan made deductible contributions to tradit

Question

Mark for follow up Question 2 of 75 Joan made deductible contributions to traditional retirement accounts for several years. In 2016, she decides $10,000 from one of her accounts. Joan is G2years old. How does this transaction a O Joan must report the entire amount of $10,000 O Joan does not have to report anything because she is over age 59 1/2 O Joan does not have to report any amount because the withdrawal was not from a Roth IRA O Joan must report the distribution she received but can elect to use the 10-year option. Mark for follow up Question 3 of 75 5000 Leo is 34 years old. He contributed $3,000 to a Roth IRA in 2013 and $2,000 in 2014. In 2016, he withdrew the entire balan which had grown to $5,466) How much of Leo's withdrawal is taxable and subject to penalty? O Zero taxable and $466 subject to penalty. O $466 taxable and $466 subject to penalty. O $5,466 taxable and $466 subject to penalty. Zero taxable and $5,466 subject to penalty.

Explanation / Answer

2.

Joan has made withdrawl of $ 10000 during the current year, as per IRS, withdrawls from retirement accounts, even for 62 year old Joan, $ 10000 needs to be reported.

Hence answer is Option A

3.

Answer would be Option D, zero taxable and $ 5466 penalty because he withdrew from contributions

4.

Answer is Option D

All of the other options have one drawback or other, except that taxpayer cannot claim exception to 10% penalty.

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.