Over the past three years, Sherry has contributed a total of $12,000 to a Roth IRA account

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Over the past three years, Sherry has contributed a total of $12,000 to a Roth IRA account ($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 (currently age 52) is in the 24 percent marginal tax  racket, how much of the $14,000 withdrawal will she retain after taxes to fund her car purchase?

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Essentials Of Federal Taxation 2019

ISBN: 9781260190045

10th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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