On april 30, janet, age 42, received a distribution from her qualified plan of $150,000. she had an adjusted basis in the plan of $500,000 and the fair market value of the account as of april 30 was $625,000. calculate the taxable amount of the distribution and any applicable penalty.

The taxable amount of the distribution is $120000  and The applicable penalty is $3,000.

Explanation:

The distribution to Janet does not qualify for the exception to the 10% penalty.

Distribution return of adjusted Tax Basis

= (Adjusted Basis/FMV)*Gross Distribution

= (500000/625000)*150000

= $120000

amount subject to income tax  = $150,000 - $120,000

                                                  = $30,000

Appicable tax penalty = $30,000*10%

                                     = $3,000

Therefore, The taxable amount of the distribution is $120000  and The applicable penalty is $3,000.

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