Required information [The following information applies to the questions displayed below.] In 2022, 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 $160,000 (before reducing it for withdrawals/distributions described below). Over the years, Rashaun has contributed $40,000 to the IRA. Of his $40,000 contributions, $30,000 was nondeductible and $10,000 was deductible. Assume Rashaun did not make any contributions to the account during 2022. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. b. 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? Amount of Withdrawal Ratio of nondeductible contributions Non-taxable Taxable Tax Rate Tax 0% S 0 S 82 % < Prev 27 of 39 Next >