Question: Check my work Required information Problem 13-57 (LO 13-2) (Algo) [The following information applies to the questions displayed below.) Kathleen, age 56, works for MH,

 Check my work Required information Problem 13-57 (LO 13-2) (Algo) [The

Check my work Required information Problem 13-57 (LO 13-2) (Algo) [The following information applies to the questions displayed below.) Kathleen, age 56, works for MH, Inc., in Dallas, Texas. Kathleen contributes to a Roth 401(k), and MH contributes to a traditional 401(k) on her behalf. Kathleen has contributed $37.200 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $62,000 and the balance in her traditional 401K) is $48,000. Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent Problem 13-57 Part e (Algo) e. Assume the original facts except that Kathleen is 60 years of age, not 56. If Kathleen receives a $15,000 distribution from her Roth 401) (without retiring), how much will she be able to keep after paying taxes and penalties, if any, on the distribution? Not distribution

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!