Question 1
What would be the difference in the tax consequences of an $18,000 withdrawal from a Roth IRA versus a traditional IRA if $15,000 represents long-term capital gains, $2,000 is short-term capital gains, and $1,000 is interest? Assume a tax rate of 30% and a capital gains tax rate of 10%.
◦ $5,200 more in taxes with a traditional IRA
◦ $4,800 more in taxes with a traditional IRA
◦ $5,400 more in taxes with a traditional IRA
◦ $5,400 more in taxes with a Roth IRA
Question 2
Dave and Tammy are both employed but are eligible to contribute to a traditional IRA. If they each contribute $5,500 to their respective accounts, how much federal income tax will they save if they are in the 30% marginal tax bracket?
◦ $3,300
◦ $3,000
◦ $1,650
◦ $ 0, since contributions to a traditional IRA are not deductible from income for federal income tax.
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