Required information [The following information applies to the questions displayed below.] George...

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Accounting

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George (age 42 at year-end) has been contributing to a traditional IRA for years (all deductible contributions), and his IRA is now worth $25,000. He is planning on converting the entire balance to a Roth IRA account. George's marginal tax rate is 24 percent.
Note: Leave no answers blank. Enter zero if applicable.
a. What are the tax consequences to George if he takes $25,000 out of the traditional IRA and contributes the entire amount into a Roth IRA one week after receiving the distribution?
\table[[Tax payable,$,6,000],[Penalty,,],[Total,$,6,000]]
b. What are the tax consequences to George if he takes $25,000 out of the traditional IRA, pays the taxes due from the traditional IRA distribution, and contributes what's left from the distribution to the Roth IRA one week after receiving the distribution?
\table[[Tax payable,],[Penalty,],[Total,]]
c. What are the tax consequences to George if he takes $25,000 out of the traditional IRA, keeps $10,000 to pay taxes and to make a down payment on a new car, and contributes what's left from the distribution to the Roth IRA one week after receiving the distribution?
\table[[Tax payable,],[Penalty,],[Total,]]
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