Mr.Smith,age 61,withdrew $12,000 from his traditional IRA this year.The balance in the account at year-end was $183,700,which included $40,000 of nondeductible contributions.Compute the taxable portion of the $12,000 withdrawal.

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The Answer of Mr.Smith,age 61,withdrew $12,000 from his traditional IRA this year.The balance in the account at year-end was $183,700,which included $40,000 of nondeductible contributions.Compute the taxable portion of the $12,000 withdrawal.

MrSmith,age 61,withdrew $12,000 from His Traditional IRA This Year