Juanita, age 62, retired in 2021. During the year,she received distributions of $9,000 from her IRA. She
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Juanita, age 62, retired in 2021. During the year,she received distributions of $9,000 from her IRA. She made nondeductible contributions of $20,000 to the IRA in prior years and has never received a nontaxable distribution. As of December 31, 2021, the value of her IRA was $150,000. Calculate the non-taxable portion of Juanita’s distribution.
a. $1,132
b. $1,200.
c. $7,868.
d. $9,000.
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Related Book For
Fundamentals Of Taxation 2022
ISBN: 9781264209408
15th
Authors: Ana Cruz, Michael Deschamps, Frederick Niswander
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