Essay
Tatia, age 38, has made deductible contributions to her traditional IRA over the past few years. When her account balance was $47,000, shedirectly transferred the entire $47,000 out of her traditional IRA and immediately into a Roth IRA. Her current marginal tax rate is 25 percent. What amount of tax and penalty is she required to pay on this conversion?
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${{[a(4)]:#,###}} tax; $0 penalty.
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