Allen age 32 takes a distribution of 20000 from his, Ask an Expert

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Allen (age 32) takes a distribution of $20,000 from his Traditional IRA account which he plans to deposit into an IRA with a different bank. During the 60-day rollover period, he gambles and loses the entire IRA balance. What income and/or penalties must he show on his tax return related to the failed rollover?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9862612

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