Mrs. Shin retired in 2014 at age 63 and made her first withdrawal of $20,000 from her

Question:

Mrs. Shin retired in 2014 at age 63 and made her first withdrawal of $20,000 from her traditional IRA. At year-end, the IRA balance was $89,200. In 2015, she withdrew $22,000 from the IRA. At year-end, the account balance was $71,100. Determine how much of each annual withdrawal was taxable assuming that:
a. Mrs. Shin’s contributions to her IRA were deductible.
b. Mrs. Shin made $26,500 nondeductible contributions to the IRA.
c. Mrs. Shin made $37,950 nondeductible contributions to the IRA.
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: