Business
Business, 25.04.2020 00:33, ineedhelp2285

Roger converted all $100,000 in his Traditional IRA to his Roth IRA on December 1, 2016. Of which $20,000 of the amount converted was his adjusted basis. Roger included $80,000 ($100,000 - $20,000) in his gross income on his Form 1040 in 2016 for the Roth conversion. On April 5th, 2020, Roger made a regular contribution of $5,000 to a Roth IRA for the 2019 year. Roger took a $150,000 distribution from his Roth IRA on July 31st, 2020 to purchase a once-in-a-lifetime trip around the world vacation for his 61st birthday present to himself. How is the $150,000 distribution taxed if the value of the account just before the distribution equals $200,000

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Roger converted all $100,000 in his Traditional IRA to his Roth IRA on December 1, 2016. Of which $2...

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