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Nontaxable IRA distribution calculation exercise Tommy, age 60, has two traditional IRAs, one at National Bank and the other at State Bank. He has made
Nontaxable IRA distribution calculation exercise Tommy, age 60, has two traditional IRAs, one at National Bank and the other at State Bank. He has made $3,000 of contributions (all were deductible) to the National Bank IRA and $5,000 (none were deductible) to the State Bank IRA. During the tax year, he took a $4,000 distribution from the State Bank IRA. As of December 31, the FMV of the National Bank IRA was $9,000 and the FMV of the State Bank IRA was $3,000 (after reduction by his $4,000 distribution). What is the nontaxable portion of Tommy's distribution? Total nondeductible contributions IRA account balance at year end + Amount distributed during year + Outstanding rollover a X IRA Distributions Nontaxable portion of IRA distributions Note: a Outstanding rollover means any amounts distributed before year end but rolled into another IRA in the following year under the 60-day rollover rule. Nontaxable IRA distribution calculation exercise Tommy, age 60, has two traditional IRAs, one at National Bank and the other at State Bank. He has made $3,000 of contributions (all were deductible) to the National Bank IRA and $5,000 (none were deductible) to the State Bank IRA. During the tax year, he took a $4,000 distribution from the State Bank IRA. As of December 31, the FMV of the National Bank IRA was $9,000 and the FMV of the State Bank IRA was $3,000 (after reduction by his $4,000 distribution). What is the nontaxable portion of Tommy's distribution? Total nondeductible contributions IRA account balance at year end + Amount distributed during year + Outstanding rollover a X IRA Distributions Nontaxable portion of IRA distributions Note: a Outstanding rollover means any amounts distributed before year end but rolled into another IRA in the following year under the 60-day rollover rule
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