, Jim, who is age 39, converts a $74,500 traditional IRA to a Roth IRA in 2015....
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, Jim, who is age 39, converts a $74,500 traditional IRA to a Roth IRA in 2015. He also contributes $5,500 to a Roth IRA in 2015 for the tax year 2015. If Jim takes a $90,000 distribution from his Roth IRA in 2016 when the account is worth $100,000, how much of distribution is subject to income tax and how much of distribution is subject to 10% penalty?
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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