1. Mark (age 45) just bought his first house. He took out $10,000 from his traditional IRA to pay for down payment and closing costs. s income tax bracket is

1. Mark (age 45) just bought his first house. He took out $10,000 from his traditional IRA to pay for down payment and closing costs. s income tax bracket is 30%. Which of the following statements regarding IRA with drawl is true? He needs to pay $3,000 income tac for IRA withdrawl and $1,000 penalty He needs to pay $1,000 He does not need to pay income tax or penalty. 2. Mark (age 45) has contributed $200,000 in his Roth IRA over the last 15 years. The investment in IRA has $100,000 earnings over the years. He wants to withdraw $100,000 from the Roth IRA to starts a business. s income tax bracket 30%. Which of the following statements are true? b. He may withdraw $100,000 contributions income tax-free and penalty free c. He may withdraw $100,000 contributions income tax-free, but he has to pay $10,000 penalty d. He may withdraw $100,000 -SECURE DEBTH -COBRA –CH7 AND CH13 BANKRUPTCY -FISCO BREAK DOWN -HOW TO CHOOSE THE RIGHT CREDIT CARD. -STUDENT LOANS -MORGAGE SALE AND FORCLOSURE WHEN SHOULD YOU USE -FIX MORGAGE -ADJUSTABLE RATE MORGAGE 30 YEAR MORTGAGE -TOTAL INTREST PAYMENT -ON HOW CERTAIN TYPE OF DEATH WILL NOT BE DICHAGRED IN BANKRUPTCY -ONLINE RESOURCES -COMPARE DIFFERENT OFFERS BASED ON COST OF LIVNG W-2 DIFFERENCE BETWEEN ADJUSTMENT FOR FEDERAL AND PAYROLLL TAX, SOCIAL SECURITY WAGE STATE TAX / FEDERAL INCOME TAX MEDICARE WITH GROUP TERM LIFE INSURANCE 401K (9 QUESTIONS) -bE ABLE TO CALCULATIONS DATAS

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