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23 March, 14:11

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

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  1. 23 March, 14:29
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    distribution will taxable to Mary = $8,000

    Explanation:

    given data

    contributed = $30,000

    current value = $62,000

    distribution = $38,000

    age = 55 years old

    solution

    when requirement is satisfy so withdrawals from a Roth IRA is tax free

    so here distribution will be taxable to Mary as

    distribution will taxable to Mary = $38,000 - $30,000

    distribution will taxable to Mary = $8,000
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