On Campus&Oni; Dey Univenity at 13 &14 . HW Problems He Seve & Exit Subm Check m

Question

On Campus&Oni; Dey Univenity at 13 &14 . HW Problems He Seve & Exit Subm Check my 2 Problem 13-73 (LO 13-4) contributed a total of $12.000 to the Roth IRA (54,000 Sherry who is 52 years of age, opened a Roth IRA three years ago She has a year) The current value of the Roth IRA is $20.200 In the current year, Sherr purchase a car Assuming Sherry 50 y withdraws $17900 of the account balance to is in a 25 percent marginal tax bracket, how much of the $17,900 withdrawal will she retain after taxes to fund her cer purchase? Reterences Amoun subject so ta Penahy ra 5 7 8 9 0 S D/F G HK L ENTER -1 ALT ALT CTRL

Explanation / Answer

Solution:-

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Amount of withdraw 17,900 Non-taxable amount 12,000 Amount subject to tax 5,900 Tax rate 25 % Penalty rate 10 % Tax 1,475 Penalty 590 After tax withdraw retained 15,835

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