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CAN YOU ANSWER a, b and C? Levi Lohan, age 64 , plans to retire this December. Levi intends to withdraw funds from an IRA
CAN YOU ANSWER a, b and C?
Levi Lohan, age 64 , plans to retire this December. Levi intends to withdraw funds from an IRA to finance the purchase of a condominium and is projecting a balance of $86,500 in the account at retirement. Required: Assuming a 24 percent marginal tax rate, compute the after-tax cash from the IRA liquidation assuming that: a. The IRA is a Roth IRA and was opened in 2001. b. The IRA is a traditional IRA and all contributions were deductible. c. The IRA is a traditional IRA in which $20,400 were deductible and $32,600 were nondeductible contributions. Complete this question by entering your answers in the tabs below. Compute the after-tax cash from the IRA liquidation assuming that: The IRA is a Roth IRA and was opened in 2001Step by Step Solution
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