Essay
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 25 percent.What amount of tax and penalty is she required to pay on this rollover?
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$8,000 tax; $0 penalty.
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Correct Answer:
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She is taxed on ...
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