Danielle & Rob are both 65 years old, married, and file a joint return. In 2020, they
Question:
Danielle & Rob are both 65 years old, married, and file a joint return. In 2020, they have MAGI of $210,000. They provide you with the following info:
Danielle’s IRA distribution: $30,000
Danielle’s previously nondeductible contributions: $25,000
Danielle’s account balance at withdrawal: $750,000
Rob’s Roth IRA distribution: $20,000
Rob’s previously nondeductible contributions: $80,000
Rob’s account balance at withdrawal: $800,000
How much of Danielle and Rob’s retirement income is taxable?
a. | Danielle: $29,000; Rob: $0 | |
b. | None of these | |
c. | Danielle: $29,000; Rob: $18,000 | |
d. | Danielle: $5,000; Rob: $0 | |
e. | Danielle: $30,000; Rob: $0 |
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen