Homework Answers
Answer - $663 Taxable and $663 Subject to Penalty
As per 5 year Rule, Withdrawal of entire amount (Contribution Plus Earning) from ROTH IRA Account less than in 5 years from First contribution, then earning amount is taxable and subject to 10% Penalty.
Here, Total Withdrawal = $6913
Contribution
= $3750 + $2500 = $6250
earning amount that is taxable and subject to 10% Penalty =
$6913 - $6250 = $663
Hence - $663 Taxable and $663 Subject to
Penalty
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