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What amount of federal taxes must pay on withdrawal

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Reference no: EM132727270

Problem 1: Doris was 70 ½ on May 20, 2018. The bank which held her IRA account had indicated that she would be required to take a Required Minimum Distribution (RMD) of $3,000. She took her RMD on June 30, 2019, which was the year after the year that she turned 70 ½. Assume that her federal tax rate is 22%. What amount of federal taxes must she pay on her $3,000 withdrawal?

Select one:
a. $ 960
b. $ 660 This answer is incorrect. $660 would be her regular tax on the $3,000 distribution ($3,000 x .22 = $660).
c. $2,160
d. $1,500

Reference no: EM132727270

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