Question: Taxpayer is single, age 2 9 , and earned $ 4 5 , 0 0 0 in W - 2 income in 2 0 2

Taxpayer is single, age 29, and earned $45,000 in W-2 income in 2023. Taxpayer is speaking to a financial advisor about retirement plans for the future. Is this statement correct regarding her IRA? If taxpayer contributed $12,00 to an IRA on February 13,2024 and withdrew $6,000 on October 15,2024, taxpayer will not incur any penalties?

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