Multiple Choice
Jeff,age 43,establishes a traditional IRA in 2012 and contributes $5,400 in cash to the plan.He has earned income of $30,600.What is the amount of the penalty tax that Jeff will incur,if any,assuming he keeps the $5,400 in the account?
A) $0.
B) $24.
C) $40.
D) $400.
E) None of the above.
Correct Answer:
Verified
Correct Answer:
Verified
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