MrsSoon Retired at Age 68 and Withdrew the Entire $77,100

question 105

Multiple Choice

Mrs.Soon retired at age 68 and withdrew the entire $77,100 balance from an IRA to buy a sailboat.She opened this account in 1999.Which of the following statements is false?

• A)If the account is a Roth IRA,none of the withdrawal is taxable.
• B)If the account is a traditional IRA to which Mrs.Soon made $32,000 nondeductible contributions,$45,100 of the withdrawal is taxable.
• C)If the account is a traditional IRA funded entirely with deductible contributions,the entire $77,100 withdrawal is taxable.
• D)None of the above is false.

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Tariffs

Taxes imposed by a government on imported or exported goods to regulate trade balances or protect domestic industries.

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Fluctuations in the value of one currency relative to others, which can affect economic conditions and financial decisions.

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Obstacles related to differences in culture, language, and norms that can hinder effective communication and interaction among individuals from different backgrounds.