How much tax will he be required to pay on the withdrawal if his marginal tax rate is 28 percent?

Required information

[The following information applies to the questions displayed below.]

In 2017, 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 $142,000 (before reducing it for withdrawals/distributions described below). Over the years, Rashaun has contributed $35,862 to the IRA. Of his $35,862 contributions, $22,862 was nondeductible and $13,000 was deductible. Assume Rashaun did not make any contributions to the account during 2017.

b.

If Rashaun currently withdraws $76,000 from the IRA, how much tax will he be required to pay on the withdrawal if his marginal tax rate is 28 percent?

Download the Tax Form and enter the required values in the appropriate fields.

Please right click on attached Adobe document and select open in new window. Save your completed Tax Form to your computer and then upload it here by clicking “Browse.” Next, click “Save.” Use 2017 tax rules regardless of year on tax form. (Using the information provided in part b, complete Form 8606, Part I to report the taxable portion of the $76,000 distribution (withdrawal).)

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our Guarantees

Money-back Guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism Guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision Policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy Policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation Guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
error: