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4. Jenn, age 38, has made deductible contributions to her traditional IRA over the past...

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Accounting

4. Jenn, age 38, has made deductible contributions to her traditional IRA over the past few years. When Jenn's, account balance was $40,000, Jenn received a distribution of the entire $40,000 balance of a traditional IRA. Jenn retained $8,000 of the distribution to help pay the taxes due from the distribution and Jenn immediately contributed the remaining $32,000 to a Roth IRA. What amount of tax and early distribution penalty is Jenn required to pay on the $40,000 distribution from the traditional IRA if Jenn's, marginal tax rate is 25 percent?

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