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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Related Book For
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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