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Tyson (48 years old) owns a traditional IRA with a current balance of $50,450. The balance consists of 330, 300 of deductible contributions and $20.950 of counting Trans marginal 25 percent. Convinced that his marginal tax rate will increase in the future, Tyson receives a distribution of the eme 50450 balance of his traditional A. Hereins 12.00 petan distribution and he contributes $37.800 to a Roth IRA What amount of income tax and penalty mit Tyson pay on this series of wansactions Multiple Choice $12.613 income tax $5,045 penalty $12.613 income tax $1265 penalty $0 income tax $0 penalty O $12.613 income tax $2,030 penalty So income tax $5.045 penalty Tyson (48 years old) owns a traditional IRA with a current balance of $50.450. The balance consists of $30.300 of deductible contributions and $20,150 of account earnings Tyson's marginal tax rate is 25 percent. Convinced that his marginal tax rate will increase in the future, Tyson receives a distribution of the entire $50,450 balance of his traditional IRA. He retains $12,650 to pay tax on the distribution and he contributes $37800 to a Roth IRA What amount of income tax and penalty must Tyson pay on this series of transactions? Multiple Choice $12.613 income tax $5,045 penalty $12.613 income tax $1265 penalty $0 income tax 50 peraly $12,613 income tax $3.030 penalty $0 income tax $5.045 penalty

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