George withdraws money from his IRA to pay for a family emergency. Now 1
he has to pay an early...
Mathematics, 23.05.2020 08:57 jhenifelix
George withdraws money from his IRA to pay for a family emergency. Now 1
he has to pay an early withdrawal penalty of 10%. He also has to pay taxes
on the amount he withdrew at his tax rate of 22%. He withdrew $50.000.
How much will he have to pay in extra taxes and the penalty because of the
decision to pull money out of an IRA?"
A $16,000
B $$11,000
C $5,000
D $8,350
Answers: 3
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