Tatia,age 38,has made deductible contributions to her traditional IRA over the past few years.When her account balance was $32,000,she transferred the entire $32,000 out of her traditional IRA and immediately into a Roth IRA.Her current marginal tax rate is 24 percent.What amount of tax and penalty is she required to pay on this rollover?

Question

Quizplus · Accepted Answer

The Answer of Tatia,age 38,has made deductible contributions to her traditional IRA over the past few years.When her account balance was $32,000,she transferred the entire $32,000 out of her traditional IRA and immediately into a Roth IRA.Her current marginal tax rate is 24 percent.What amount of tax and penalty is she required to pay on this rollover?

Tatia,age 38,has Made Deductible Contributions to Her Traditional IRA Over