Ryan is 39 years old and works as a real estate agent. Ryan's marginal tax rate is 24%. Ryan has a traditional (deductible) lRA with a current balance of $80,000. The lRA consists of $60,000 of contributions that Ryan made and deducted on his tax return and $20,000 of account earnings. In the current year, Ryan receives a distribution of the entire $80,000. He contributes $60,000 to a Roth lRA and keeps the remaining $20,000. What is Ryan's total income tax and penalty on the transactions?

a. $0 income tax, $0 penalty

b. $20,000 income tax, $8,000 penalty

c. $5,000 income tax, $2,000 penalty

d. $20,000 income tax, $2,000 penalty