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If money is taken from a traditional IRA to pay taxes due when converting a...

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Accounting

If money is taken from a traditional IRA to pay taxes due when converting a traditional IRA to a Roth IRA, a 10 percent early distribution penalty also applies if which of the following is true: a.the individual is under age 59(1)/(2)  b.the individual fails to notify the IRS within 60 days of the conversion c.the individual has a gross income of more than $50,000 d.the individual is older than age 59(1)/(2)

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