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Business, 27.11.2019 01:31 coopera1744

Mary, age 50, has an ira with an account balance of $165,000. mary has recently been diagnosed with an unusual disease that will require treatment costing $50,000, which she will have to pay personally. mary's agi will be $100,000 this year. which of the following statements are true?

1. mary can immediately borrow up to $50,000 from her account and repay within five years.
2. mary can distribute $50,000 subject to income tax but not subject to the 10% penalty because it will be used to pay medical expenses.
a) 1 only.
b) 2 only.
c) both 1 and 2.
d) neither 1 nor 2.

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