A person, age 55, wishes to withdraw $25,000 from a Keogh plan. The tax will be:

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A person, age 55, wishes to withdraw $25,000 from a Keogh plan. The tax will be:

A. 10% of the amount withdrawn

B. 10% of the amount in the plan

C. ordinary income tax + 10% penalty tax on the amount in excess of contributions

D. ordinary income tax + 10% penalty tax on the amount withdrawn

Answer: D.

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