Sherry, who is 52 years of age, opened a Roth IRA three years ago. She...
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Sherry, who is 52 years of age, opened a Roth IRA three years ago. She has contributed a total of $12,600 to the Roth IRA ($4,200 a year). The current value of the Roth IRA is $20,600. In the current year, Sherry withdraws $18,300 of the account balance to purchase a car. Assuming Sherry is in a 25 percent marginal tax bracket, how much of the $18,300 withdrawal will she retain after taxes to fund her car purchase?
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