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.
Correct Answer:
Verified
Correct Answer:
Verified
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