Philip, who is currently age 52, made his only contribution to his Roth IRA in 2017...

Philip, who is currently age 52, made his only contribution to his Roth IRA in 2017 in the amount of $5,500. If he were to receive a total distribution of $11,000 from his Roth IRA today (3/25/2019) to purchase a new car, how much of distribution is subject to income tax and how much of distribution is subject to 10% penalty?

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jeff jeffy answered 1 year ago

Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has...

Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of $12,000 to the Roth IRA ($4,000 a year). The current value of the Roth IRA is $16,300. In the current year, Sherry withdraws $14,000 of the account balance to purchase a car. Assuming Sherry’s marginal tax rate is 24 percent, how much of the $14,000 withdrawal will she retain after taxes to fund her car purchase? amount of withdrawal non-taxable...

John established his first Roth IRA six years ago and has made a total participant contribution...

John established his first Roth IRA six years ago and has made a total participant contribution of $8,000 so far. Two years ago, he also converted his Traditional IRA assets ($6,000) to his Roth IRA (tax deduction was allowed when he contributed to his Traditional IRA and he has paid tax at the time of conversion). John is now 55 years old. (a). If John withdraws all the money (including contributions, conversions and earnings) from his account to pay for...

Barry Cuda currently has $15,000 in his Roth IRA which has been earning 7%. Barry is...

Barry Cuda currently has $15,000 in his Roth IRA which has been earning 7%. Barry is planning on depositing $5500 annually for the next 40 years into this IRA. Assuming Barry's IRA continues earning 7% annually, what will Barry's IRA be worth at the end of 40 years? Group of answer choices $1,113,020 $1,322,630 $780,000 $967,955 Next

Distributions from a Roth IRA are made in a specific order. Assuming there have been no...

Distributions from a Roth IRA are made in a specific order. Assuming there have been no excess contributions, which of the following items is distributed SECOND? Regular contributions. Earnings on contributions. The taxable portion of any conversions or rollover contributions. The nontaxable portion of any conversions or rollover contributions.

Jimmer has contributed $15,000 to his Roth IRA and the balance in the account is $18,000....

Jimmer has contributed $15,000 to his Roth IRA and the balance in the account is $18,000. In the current year, Jimmer withdrew $17,000 from the Roth IRA to pay for a new car. If Jimmer’s marginal ordinary income tax rate is 24 percent, what amount of tax and penalty, if any, is Jimmer required to pay on the withdrawal in each of the following alternative situations? Jimmer opened the Roth account 44 months before he withdrew the $17,000 and Jimmer...

Meredith, who is single, would like to contribute $6,000 to her Roth IRA. What is the...

Meredith, who is single, would like to contribute $6,000 to her Roth IRA. What is the maximum amount that Meredith can contribute if her AGI is $123,000? Note: please provide your answer and explanations on Word or Excel as handwritten responses are difficult to read. Thank you.

Lisa Simpson, now age 20, wants to retire with $1,500,000 in her Roth IRA. She plans...

Lisa Simpson, now age 20, wants to retire with $1,500,000 in her Roth IRA. She plans to achieve this goal by depositing $3,000 at the beginning of each year at an expected annual rate of 8%. How many deposits must Lisa make in order to reach her goal? Round to the nearest deposit.

kimberly opened a roth ira november 13,2016 she has made regular deposits and would like to...

kimberly opened a roth ira november 13,2016 she has made regular deposits and would like to know the earliest date she can withdraw some money in a qualified distrubition.her date of birth is september 17,1961

Explain what makes IRA Contributions deductible or not. Can a contribution still be made to an...

Explain what makes IRA Contributions deductible or not. Can a contribution still be made to an IRA if it is not deductible?Discuss in 2-5sentences. Explain the similarities and difference between Qualified Roth IRA distribution and a Non-Qualified Roth IRA distribution. Discuss in 2-5 sentences.

Roth IRA Worksheet Lainey Wilkinson is a 36 years old individual who works at a local...

Roth IRA Worksheet Lainey Wilkinson is a 36 years old individual who works at a local library. She starts to invest $3,000 per year this year in a “Roth IRA”. For investments in a Roth IRA, you will never pay taxes on the interest/dividends/profits. Assume that her investments will make 8% annually until her retirement. I. How much will be there in Lainey’s IRA account when she retires at 66. II. Assuming that Roth IRA makes 7% annual return after...

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