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Jessica is 49 years of age. She has been saving for retirement for many years...

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Accounting

Jessica is 49 years of age. She has been saving for retirement for many years and has fairly large balance in her IRA. Amanda, Jessicas daughter who is in her senior year of high school, has been notified that she has been accepted to Rice University. Jessica had expected Amanda to go to a state university and was not prepared for the tuition costs associated with Rice. After some thought, she has decided that the only thing she can do is to take approximately $ 20,000 per year from her retirement plan.

Question: What are the tax consequences to Jessica for the withdrawals from her IRA?

To answer this question, use the Internal Revenue Code. You may refer to a textbook but you may not base the answer on the textbook you must reference the IRC section. What keywords did you use in your search to derive this answer?

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