How much of each annual withdrawal was taxable

Assignment Help Financial Accounting

Reference no: EM13862312

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.

Reference no: EM13862312

Questions Cloud

Evaluate the pay structure at your current job : Evaluate the pay structure at your current job or a job you have recently had. How much do/did you know about the pay structure

Create the balance sheet-income statement : Our Company, Paddle Away, began operations on 1-1-12 and the year ended on 12-31-12. We buy Kayaks and sell them in a retail store. These were our January 2012 transactions. Then use your account balances to create the Balance Sheet, Income Statement..

Determine the fairness of the company procedures : List and explain the perceptions employees use to determine the fairness of the company's procedures and outcomes. Describe and evaluate the criteria employees use to evaluate the fairness of a pay structure

What amount of uncollectible accounts expense : At the end of 2014, Duffau Company had outstanding accounts receivable of $109,760. Before recording the adjusting entry for uncollectible accounts, the balance in the Allowance for Doubtful Accounts was $350. If Duffau estimates that it will not col..

How much of each annual withdrawal was taxable : 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 m..

Important determinant of an investment : Question 1. The most important determinant of an investment's portfolio risk is which of the following?

Benefits of rpid tags and gps systems in the transportation : Help Dave prepare this report by providing some information on the benefits of RPID tags and GPS systems in the transportation industry

Discusses the health effects of climate changes : It is widely believed that climate changes impact peoples' health. Your instructor will assign a country for each student to research. Start by finding at least one scholarly article that discusses the health effects of climate changes

What role did the leader play in this process : Apply what occurred within Starbucks to identify key items and steps within the process. What role did the leader play in this process? What actions were necessary by the CEO in order to make this a success

User Account

All Pages