Ryan,age 48,received an $8,000 distribution from his traditional IRA to pay for medical expenses.Ryan has made only deductible contributions to the IRA and his marginal tax rate is 32 percent.What amount of taxes and early distribution penalties will Ryan be required to pay on the distribution?

Question

Quizplus · Accepted Answer

The Answer of Ryan,age 48,received an $8,000 distribution from his traditional IRA to pay for medical expenses.Ryan has made only deductible contributions to the IRA and his marginal tax rate is 32 percent.What amount of taxes and early distribution penalties will Ryan be required to pay on the distribution?

Ryan,age 48,received an $8,000 Distribution from His Traditional IRA to Pay