Robert, age 65, withdrew $40,000 from his traditional IRA this year. At year end, the IRA had
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Question:
Robert, age 65, withdrew $40,000 from his traditional IRA this year. At year end, the IRA had a balance of $200,000. Included in his retirement account are $48,000 of nondeductible contributions. Assuming a 28% marginal tax rate, Robert's after-tax cash flow of the withdrawal is:
A) $10,640
B) $22,480
C) $29,360
D) $40,000
Related Book For
Fundamentals Of Taxation 2016
ISBN: 9781259812774
9th Edition
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
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