$*****$

Scenario $16$:

Statement: Jacob retired at age $54$ and took a $$62,000$ distribution from his Traditional IRA.

Wages: $$20,000($part$-$time work$)$

Interest and Dividend Income: $$1,200$

Itemized Deductions: $$13,000$

Allowable deduction for self$-$employment tax: None

Calculate:

The portion of the distribution subject to the $10\%$ early withdrawal penalty.

AGI, Taxable Income, and Total Tax Liability $($including the penalty$)$