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Todd, age 60, has made contributions of $75,000.To his traditional IRA, of which $15,000 were nondeductible contributions. He is in the 22% federal tax bracket

Todd, age 60, has made contributions of $75,000.To his traditional IRA, of which $15,000 were nondeductible contributions. He is in the 22% federal tax bracket this year.

How much will Todd owe in income taxes and penalties if he takes a distribution of $20,000 this year and the IRA is worth $175,000?

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