Question: Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of $14,400 to a Roth IRA

Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of $14,400 to a Roth IRA ($4,800 a year). The current value of the Roth IRA is $22,250. In the current year, Sherry withdraws $19,900 of the account balance to purchase a car. Assuming Sherry is in a 25 percent marginal tax bracket, how much of the $19,900 withdrawal will she retain after taxes to fund her car purchase?

Amount of withdrawl?

Non-Taxable Amount?

Amount subject to tax? $

Tax Rate? %

Pentalty rate? %

Tax?

Pentalty?

After tax withdrawl retained?

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