Assume Bradley has made $12,000 in contributions to his IRA over time. He was able to deduct $11,000 worth of those contributions as he was making them. What happens if he takes the full $12,000 amount out in 2019 (assuming he has met age requirements, etc.)?

a. No tax is due.

b. $12,000 is taxable at the marginal rate applicable when the contributions were made.

c. $1,000 is taxable at the marginal rate applicable when the contributions were made.

d. $11,000 is his return of basis and is not taxable.