Mrs.Soon retired at age 68 and withdrew the entire $77,100 balance from an IRA to buy a sailboat.She opened this account in 1999.Which of the following statements is false?
A) If the account is a Roth IRA,none of the withdrawal is taxable.
B) If the account is a traditional IRA to which Mrs.Soon made $32,000 nondeductible contributions,$45,100 of the withdrawal is taxable.
C) If the account is a traditional IRA funded entirely with deductible contributions,the entire $77,100 withdrawal is taxable.
D) None of the above is false.
Correct Answer:
Verified
Q86: Mrs. Lee, age 70, withdrew $40,000 from
Q88: Lana, an employee of Compton University, paid
Q100: Ms.Knox,age 34 and single,has $127,800 AGI,$108,200 of
Q101: Mr.Smith,age 61,withdrew $12,000 from his traditional IRA
Q102: This year,Haven Corporation granted a nonqualified stock
Q103: Which of the following statements regarding a
Q104: Mrs. Lee, age 70, withdrew $10,000 from
Q107: Mr.Scott,age 46,quit his job with MNP Inc.and
Q108: This year,Haven Corporation granted a nonqualified stock
Q109: What is the maximum IRA contribution that
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents