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vladimir2022 [97]
2 years ago
6

Arthur, age 50, made total Roth IRA contributions of $50,000 and had never previously taken a distribution. If he took a nonqual

ified Roth IRA distribution of $60,000, requiring him to recognize $10,000 of income, what tax penalty will be imposed if no exception to the penalty applies?.
Business
1 answer:
solniwko [45]2 years ago
5 0

Based on the information given, it should be noted that the tax penalty that will be imposed will be $600.

From the information given, Arthur made total Roth IRA contributions of $50,000 and he took a nonqualified Roth IRA distribution of $60,000, requiring him to recognize $10,000 of income.

It should be noted that he has taken an excess of $10000 and the penalty is equal to 6% of the amount taken. This will be:

= 6% × $10000

= $600

In conclusion, the correct option is $600.

Learn more about tax on:

brainly.com/question/1775528

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The mls is a good source for data when researching a subject property. former sales price will be found there.

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An MLS allows the brokers to see one another’s listings of properties  held for sale with the goal of connecting homebuyers to sellers. Under this arrangement, both the listing and selling brokers are benefited by consolidating and sharing information and also by sharing commissions.

Typically, multiple listing services create a general  book and electronic database with all of the houses for sale by affiliated brokers.

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