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****** Scenario 9: Statement: Sophia retired at age 48 and...

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Accounting

******
Scenario 9:
Statement: Sophia retired at age 48 and took a $55,000 distribution from her Traditional IRA.
Wages: $20,000(part-time work)
Interest and Dividend Income: $1,500
Itemized Deductions: $11,000
Allowable deduction for self-employment tax: None
Calculate:
The portion of the distribution subject to the 10% early withdrawal penalty.
AGI, Taxable Income, and Total Tax Liability (including the penalty)

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