Ask Question
3 July, 12:18

Mindy has a Roth IRA held longer than 5 years to which she has contributed $30,000. The IRA has a current value of $62,000. Mindy is 55 years old and she takes a distribution of $38,000 after retiring on disability. How much of the distribution will be taxable to Mindy?

+4
Answers (1)
  1. 3 July, 12:20
    0
    The correct answer is zero.

    Explanation:

    Mindy has held the IRA for more than 5 years.

    She has contributed $30,000.

    The current value of the IRA is $62,000.

    After retiring Mindy takes a distribution of $38,000.

    The taxable amount is zero. This is because taxpayers can make withdrawals from Roth IRA if they become disabled.

    So, the correct answer is zero.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Mindy has a Roth IRA held longer than 5 years to which she has contributed $30,000. The IRA has a current value of $62,000. Mindy is 55 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers