39 AP Mr. Ballard retired in 2016 at age 69 and made his first withdrawal...
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Accounting
39 AP
Mr. Ballard retired in 2016 at age 69 and made his first withdrawal of $35,000 from his traditional IRA. At year-end, the IRA balance was $441,000. In 2017, he withdrew $60,000 from the IRA. At year-end, the account balance was $407,000. Determine how much of each annual withdrawal was taxable assuming that:
a. Mr. Ballard made $320,000 nondeductible contributions to the IRA
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