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Mrs. Shin retired in 2014 at age 63 and made her first withdrawal of $20,000 from her traditional IRA. At year-end, the IRA balance was $89,200. In 2015, she withdrew $22,000 from the IRA. At year-end, the account balance was $71,100. Determine how much of each annual withdrawal was taxable assuming that:

a. Mrs. Shin’s contributions to her IRA were deductible.

b. Mrs. Shin made $26,500 nondeductible contributions to the IRA.

c. Mrs. Shin made $37,950 nondeductible contributions to the IRA.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91523066

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