In need of extra cash, Mr. and Mrs. Miller decide to withdraw $10,000 each from their IRA's. They are 43 and 40 years old respectivley. They are in a...

 In need of extra cash, Mr. and Mrs. Miller decide to withdraw $10,000 each from their IRA's. They are 43 and 40 years old respectivley. They are in a 28 percent marginal tax bracket. What will be the tax consequences (for both together including any penalties) of this withdrawal? What is the maxmum contribution allowed by 2016 Federal Law for an employee age 25 for the following programs: 401K, 403b, and Traditional IRA.