REQUIRED MINIMUM DISTRIBUTIONS (RMDS) TEM SET 10: Charlie and Rose have been married for 40 years...
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REQUIRED MINIMUM DISTRIBUTIONS (RMDS) TEM SET 10: Charlie and Rose have been married for 40 years and have three children together. They are currently semi-retired and enjoying life at the beach in Florida. Rose turned 70 on February 14th 2019 and Charlie turned 70 on October 15th 2019. Rose is fully retired as a fashion model from Burl's Boutique, which marketed to older customers. Charlie still works part-time for a company that rents sailboats and provides sailing guides for customers renting boats. The company, called Set Sail, sponsors a 401(k) plan, which Charlie continues to make contributions. Charlie gave up his corporate job at IBM several years ago and plans to continue working at Set Sail because he loves it. Charlie's rich uncle, Alan, died earlier during 2019 and left his Roth IRA to Charlie. Charlie is sad about Alan, but happy about the IRA and even happier that it is a Roth IRA. Alan started the Roth IRA over ten years ago. They need to know whether they need to take minimum distributions and if so, how much and from what accounts. The balances in the accounts are shown below. Plan Owner Plan # Rose Rose Rose Rose Charlie 5 Charlie 6 Charlie 7 Charlie 8 Charlie 9 1 23 2 3 4 Account/Plan Type Self Directed IRA Self Directed Roth IRA Self Directed IRA Burl's MPPP Inherited Roth IRA Self Directed IRA IBM 401(k) Roth Account IBM MPPP Set Sail 401(k) Roth Account December December 31, 2018 31, 2019 Balance Balance $22,000 $23,500 $58,000 $67,000 $45,000 $51,300 $270,000 $267,000 $180,000 $200,000 $17,000 $18,000 $40,000 $41,500 $600,000 $650,000 $89,000 $80,000 December 31, 2020 Balance $20,500 $68,000 $50,300 $260,000 $220,000 $20,000 $49,000 $700,000 $92,000 December 31, 2021 Balance $19,800 $70,000 $49,100 $252,000 $218,500 $20,500 $51,000 $723,000 $99,000 1. What is the required beginning date (RBD) for Rose and Charlie (without regard to the CARES Act waiver of RMDs for calendar year 2020)? and Charlie REQUIRED MINIMUM DISTRIBUTIONS (RMDS) TEM SET 10: Charlie and Rose have been married for 40 years and have three children together. They are currently semi-retired and enjoying life at the beach in Florida. Rose turned 70 on February 14th 2019 and Charlie turned 70 on October 15th 2019. Rose is fully retired as a fashion model from Burl's Boutique, which marketed to older customers. Charlie still works part-time for a company that rents sailboats and provides sailing guides for customers renting boats. The company, called Set Sail, sponsors a 401(k) plan, which Charlie continues to make contributions. Charlie gave up his corporate job at IBM several years ago and plans to continue working at Set Sail because he loves it. Charlie's rich uncle, Alan, died earlier during 2019 and left his Roth IRA to Charlie. Charlie is sad about Alan, but happy about the IRA and even happier that it is a Roth IRA. Alan started the Roth IRA over ten years ago. They need to know whether they need to take minimum distributions and if so, how much and from what accounts. The balances in the accounts are shown below. Plan Owner Plan # Rose Rose Rose Rose Charlie 5 Charlie 6 Charlie 7 Charlie 8 Charlie 9 1 23 2 3 4 Account/Plan Type Self Directed IRA Self Directed Roth IRA Self Directed IRA Burl's MPPP Inherited Roth IRA Self Directed IRA IBM 401(k) Roth Account IBM MPPP Set Sail 401(k) Roth Account December December 31, 2018 31, 2019 Balance Balance $22,000 $23,500 $58,000 $67,000 $45,000 $51,300 $270,000 $267,000 $180,000 $200,000 $17,000 $18,000 $40,000 $41,500 $600,000 $650,000 $89,000 $80,000 December 31, 2020 Balance $20,500 $68,000 $50,300 $260,000 $220,000 $20,000 $49,000 $700,000 $92,000 December 31, 2021 Balance $19,800 $70,000 $49,100 $252,000 $218,500 $20,500 $51,000 $723,000 $99,000 1. What is the required beginning date (RBD) for Rose and Charlie (without regard to the CARES Act waiver of RMDs for calendar year 2020)? and Charlie
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Related Book For
Taxation Of Individuals And Business Entities 2016
ISBN: 9781259334870
7th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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