Mary has a Roth IRA held more than 5 years to which she has contributed $30,000. The

Question:

Mary has a Roth IRA held more than 5 years to which she has contributed $30,000. The IRA has a current value of $62,000. Mary is 55 years old and she takes a distribution of $40,000. How much of the distribution will be taxable to Mary?

a. $0
b. $8,000
c. $10,000
d. $40,000
e. Some other amount

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Income Tax Fundamentals 2017

ISBN: 9781305872738

35th Edition

Authors: Gerald E. Whittenburg, Steven Gill, Martha Altus Buller

Question Posted: