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Required information [The following information applies to the questions displayed below.] In 2022, Rashaun 162 years old) retired and planned on immediately receiving distributions (making
Required information [The following information applies to the questions displayed below.] In 2022, Rashaun 162 years old) retired and planned on immediately receiving distributions (making withdrawals) from his traditional IRA account. The balance of his IRA account is $210,000 (before reducing it for withdrawals/distributions described below). Over the years, Rashaun has contributed $57,790 to the IRA. Of his $57,790 contributions, \$41,790 was nondeductible and $16,000 was deductible. Assume Rashaun did not make any contributions to the account during a. 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? 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
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