Mrs) Domino made deductible contributions to traditional individual retirement accounts for several years. Mrs. Domino decides to withdraw $10,000 from one of her accounts in 2004. Mrs. Domino is 61years old. How does this transaction affect Mrs. Domino's 2004 tax return for 2004?
A) Mrs. Domino must report the entire amount of $10,000
B) Mrs. Domino does not have to report anything because she is older than 59½ years
C) Mrs. Domino does not have to report any amount because this was not withdrawn from a Roth IRA
D) Mrs. Domino must report all of the distribution received but can elect to use the 10-year option
Correct Answer:
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