Jeremy, age 38, has $25,000 in a traditional IRA account and is considering taking the money out to buy himself a new car. What will be the tax consequences to Jeremy if he withdraws the $25,000 from his IRA in 2014 for this purpose? Explain.

Question

Quizplus · Accepted Answer

The Answer of Jeremy, age 38, has $25,000 in a traditional IRA account and is considering taking the money out to buy himself a new car. What will be the tax consequences to Jeremy if he withdraws the $25,000 from his IRA in 2014 for this purpose? Explain.

Jeremy, Age 38, Has $25,000 in a Traditional IRA Account