Business

22 June, 21:22

Todd has made total contributions of $75,000 to his traditional IRA of which $15,000 were nondeductible contributions. Todd is 60 and is considering taking a $20,000 distribution from his IRA, which currently has a fair market value of $175,000. This will be the only distribution from his IRA this year. How much of the distribution will be taxable to Todd?

a. $0

b. $4,000

c. $16,000

d. $20,000

+1

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