Mia, 55 years of age and single, has a distribution of $50,000 from his 401(k). Mia is

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Mia, 55 years of age and single, has a distribution of $50,000 from his 401(k). Mia is not disabled and he did not use the distribution to pay for medical expenses, health insurance, education, birthing or adoption expenses, or coronavirus/COVID-19-related expenses. He also did not use the distribution to finance a home. If Mia's marginal tax rate is 32%, what total amount of tax and penalty must Andrew pay on the distribution?

Posted Date: Dec 16, 2021 01:31 AM

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Mia, 55 years of age and single, has a distribution of $50,000 from his 401(k). Mia is

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Mias marginal tax rate is 32 This means that for every additional dollar he earns he will be taxed ... View the full answer

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