In 2014, Rashaun(62 years old) retired and planned on immediately receiving distributions (making withdrawals) from his traditional
Question:
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?
b. If Rashaun currently withdraws $70,000 from the IRA, how much tax will he be required to pay on the withdrawal if his marginal tax rate is 28 percent?
c. Using the information provided in part b, complete Form 8606, Part I to report the taxable portion of the $70,000 distribution (withdrawal).Use 2013forms if 2014 forms are unavailable.
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Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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