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12 June, 18:36

Jimmy establishes a Roth IRA at age 47 and contributes a total of $89,600 over 18 years. The account is now worth $112,000. Assume that Jimmy meets the income limitation at the time of the contributions. How much of these funds may Jimmy withdraw tax-free?

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  1. 12 June, 20:12
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    Answer: $112,000

    Explanation:

    Jimmy is able to withdraw the entire $112,000 tax-free.

    This is because to be able to Withdraw tax-free, one must have deposited money in the IRA for a minimum of 5 years and the person must be at least 59.5 years of age.

    Those 2 criteria are met by Jimmy who deposited for 18 years and is now aged 65.
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Home » Business » Jimmy establishes a Roth IRA at age 47 and contributes a total of $89,600 over 18 years. The account is now worth $112,000. Assume that Jimmy meets the income limitation at the time of the contributions.
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