Richard is single and 53 years old and still employed full-time with Cisco. He contributed $20,000 to a traditional 401
Posted: Thu May 19, 2022 2:07 pm
Richard is single and 53 years old and still employed full-time
with Cisco. He contributed $20,000 to a traditional 401k
plan. He distributed $15,000 this year because
he lost his job and needed money. The balance of the account
before the distribution was $100,000.Assume Richard is in the 22%
bracket.
Richard's tax
and penalty is $4800.
6true ir
with Cisco. He contributed $20,000 to a traditional 401k
plan. He distributed $15,000 this year because
he lost his job and needed money. The balance of the account
before the distribution was $100,000.Assume Richard is in the 22%
bracket.
Richard's tax
and penalty is $4800.
6true ir