Question
ReNee has worked all her life and has saved diligently in Traditional IRAs and is now retired. In some years her income was so high
ReNee has worked all her life and has saved diligently in Traditional IRAs and is now retired. In some years her income was so high that she did now qualify for a deduction. She has contributed a total of $120,000 to her IRAs and received total deductions of $60,000. Her IRA is now worth $500,000. If ReNee took a distribution of $10,000 how much of her distribution would be taxable?
-$1,200
-none are correct
-$10,000
-$8,800
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Quantitative Investment Analysis
Authors: Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle
3rd edition
111910422X, 978-1119104544, 1119104548, 978-1119104223
