In 2019, Rashaun (62 years old) retired and planned on immediately receiving distributions (making withdrawals) from his traditional IRA account. The balance of his IRA account is $340,000 (before reducing it for withdrawals/distributions described below). Over the years, Rashaun has contributed $94,580 to the IRA. Of his $94,580 contributions, $72,080 was nondeductible and $22,500 was deductible. Assume Rashaun did not make any contributions to the account during 2019.

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 24 percent?

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?