Max retired in 2014 at age 62.During the year he received distributions of $12,000 from his IRA.He made nondeductible contributions of $30,000 to the IRA in prior years and has never received a nontaxable distribution.As of December 31,2014,the value of his IRA was $250,000.Calculate the nontaxable portion of Max's distribution.
A) $1,374.
B) $1,440.
C) $10,560.
D) $10,626.
Correct Answer:
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