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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?

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  1. 3 July, 12:20
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    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.
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Home » Business » 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.
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