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In 2018, Rashaun (62 years old) retired and planned on immediately receiving distributions (making withdrawals) from...

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Accounting

In 2018, Rashaun (62 years old) retired and planned onimmediately receiving distributions (making withdrawals) from histraditional IRA account. The balance of his IRA account is $210,000(before reducing it for withdrawals/distributions described below).Over the years, Rashaun has contributed $57,790 to the IRA. Of his$57,790 contributions, $41,790 was nondeductible and $16,000 wasdeductible. Assume Rashaun did not make any contributionsto the account during 2018. (Do not round intermediatecalculations. Round your final answers to the nearest whole dollaramount.)

a. If Rashaun currently withdraws $20,000 fromthe IRA, how much tax will he be required to pay on the withdrawalif his marginal tax rate is 24 percent?

b. If Rashaun currently withdraws $70,000 fromthe IRA, how much tax will he be required to pay on the withdrawalif his marginal tax rate is 28 percent?

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