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Jasmine has contributed $84,000 to a non-deductible IRA and her current balance is $148,000. She has been invested in a balance mutual fund the entire
Jasmine has contributed $84,000 to a non-deductible IRA and her current balance is $148,000. She has been invested in a balance mutual fund the entire time. She will turn sixty years old next month and would like to withdrawal it all. Which of the following statements are true about her withdrawal?
A. Earnings are never taxed similar to a Roth IRA
B. She will have income taxes due on $148,000 of income
C. She will have income taxes due on $84,000 of income
D. She will have income taxes due on $64,000 of income
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