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Business, 05.07.2019 23:30 1129682

5. in 2017, rashaun (62 years old) retired and planned on immediately receiving distributions (making withdrawals) from his traditional ira account. the balance of his ira account is $160,000 (before reducing it for withdrawals/distributions described below). over the years, rashaun has contributed $40,000 to the ira. of his $40,000 contributions, $30,000 was nondeductible and $10,000 was deductible. assume rashaun did not make any contributions to the account during 2017.a. if rashaun currently withdraws $20,000 from the ira, how much tax will he be required to pay on the withdrawal if his marginal tax rate is 25 percent? amount of withdrawal ? ratio of nondeductible contributions: non-deductible? ordeductible contributions? ortotal ira account balance? ortotal ira contributions? ? non-deductible? ordeductible contributions? ortotal ira account balance? ortotal ira contributions? ? ? %non-taxable ? taxable ? tax rate ? %tax

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