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Required information [The following information applies to the questions displayed below.
[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).)