You (age 35) have a Roth IRA that you've contributed a total of $6,000 to over the last six years The account balance is now $10,000 You decide you are going to withdraw $8,000 to pay off your student loan How much of the withdrawal will be subject to taxes andor penalties

Answer rating: 100% (QA)

c 2000 of ordinary income plus a 200 penalty Stepbystep explanation ... View the full answer