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23456 Mary and Larry have been married for 40 years and have three children together. They are currently semi-retired and enjoying life at the beach

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23456 Mary and Larry have been married for 40 years and have three children together. They are currently semi-retired and enjoying life at the beach in Florida, Mary tumed 70 on February 14th Year 2 and Larry turned 70 on October 15th Year 2. Mary is fully retired as a lingerie model from Burt's Boutique, which marketed to older customers. Larry 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, in which Larry continues to make contributions. Larry gave up his corporate job at IBM several years ago and plans to contribute working at Set Sail because he loves it. Larry's rich uncle Juan died earlier during Year 2 and left his Roth IRA to Larry. Larry is sad about Juan, but happy about the IRA and even happier that it is a Roth IRA. Juan started the Roth IRA over ten years ago They need to know whether they need to take minimum distribution and if so, how much from what accounts. The balances in the accounts below: December 31 Year) Plan Man Account Plan Type December 31 Year 1 Balance December ear 2 Balance Balance Mary Sell Directed IRA $22.000 $23.500 $20, 500 SS8000 2 Self Directed Roth IRA Mary $67,000 $68.000 Mary $45,000 $50,200 3 Self Directed IRA $51,300 4 Burt's MPPP US $270,000 $267.000 $260,000 5 inherited Roth IRA $180.000 $220.000 $17.000 6 Self Directed IRA S18.000 520.000 IBM 401(k) Roth Account $40,000 $41.500 $600.000 $650.000 $700.000 BIBM MPP $92.000 $80.000 Set Sail 401) Roth Account 1) What is the required beginning date (RBD) for Mary and Larry?! 100 M NS Help See new changes Do% - Normal text - Arial - 11 -BIU A CELE IE EEEE 507 Plan Owner Mann Mary December 313 Balance $20,500 Mary Account Plan Type 1 Self Directed IRA 2 Self Directed Roth IRA 3 Self Directed IRA 4 Burt's MPPS 5 inherited Roth IRA 6 Self Directed IRA 73M 401 (4) Roth Account SOM MEDO 9 Set Sall 01/ Roth Account December 31 Year 1 Balance December 31 Year 2 Balance $22.000 Sonop $58,000 $57.000 $45,000 $51,300 $270.000 $180,000 $200,000 $17.000 $180 $40.000 $41.500 S600.000 $80,000 Larry Larry Larry 1) What is the required beginning date (RBD) for Mary and Larry? 2) What is factor for Mary and for Larry's first required minimum distribution (RMD)? 3) Which plans must they take a distribution from during Year 3 (without regard to the ability to delay a distribution)? 4) What is the total amount of Larry's RMD for Year 3? 5) What is the minimum number of RMDs Mary has to take each year? 6) If Mary delays her first RMD to April 1st of Year 3, how much is the total amount of her RMDs for next year? 7) How is life expectancy factor for the inherited Roth IRA determined for the second year compared to the life expectancy for Larry's other accounts? 8) Assume that Mary falls off the sailboat is eaten by a great white shark. Also assume that she named her children, ages 50.48 and 45, as equal beneficiaries on her self-determined Roth IRA What are the implications for the beneficiaries regarding minimum distributions? to search 23456 Mary and Larry have been married for 40 years and have three children together. They are currently semi-retired and enjoying life at the beach in Florida, Mary tumed 70 on February 14th Year 2 and Larry turned 70 on October 15th Year 2. Mary is fully retired as a lingerie model from Burt's Boutique, which marketed to older customers. Larry 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, in which Larry continues to make contributions. Larry gave up his corporate job at IBM several years ago and plans to contribute working at Set Sail because he loves it. Larry's rich uncle Juan died earlier during Year 2 and left his Roth IRA to Larry. Larry is sad about Juan, but happy about the IRA and even happier that it is a Roth IRA. Juan started the Roth IRA over ten years ago They need to know whether they need to take minimum distribution and if so, how much from what accounts. The balances in the accounts below: December 31 Year) Plan Man Account Plan Type December 31 Year 1 Balance December ear 2 Balance Balance Mary Sell Directed IRA $22.000 $23.500 $20, 500 SS8000 2 Self Directed Roth IRA Mary $67,000 $68.000 Mary $45,000 $50,200 3 Self Directed IRA $51,300 4 Burt's MPPP US $270,000 $267.000 $260,000 5 inherited Roth IRA $180.000 $220.000 $17.000 6 Self Directed IRA S18.000 520.000 IBM 401(k) Roth Account $40,000 $41.500 $600.000 $650.000 $700.000 BIBM MPP $92.000 $80.000 Set Sail 401) Roth Account 1) What is the required beginning date (RBD) for Mary and Larry?! 100 M NS Help See new changes Do% - Normal text - Arial - 11 -BIU A CELE IE EEEE 507 Plan Owner Mann Mary December 313 Balance $20,500 Mary Account Plan Type 1 Self Directed IRA 2 Self Directed Roth IRA 3 Self Directed IRA 4 Burt's MPPS 5 inherited Roth IRA 6 Self Directed IRA 73M 401 (4) Roth Account SOM MEDO 9 Set Sall 01/ Roth Account December 31 Year 1 Balance December 31 Year 2 Balance $22.000 Sonop $58,000 $57.000 $45,000 $51,300 $270.000 $180,000 $200,000 $17.000 $180 $40.000 $41.500 S600.000 $80,000 Larry Larry Larry 1) What is the required beginning date (RBD) for Mary and Larry? 2) What is factor for Mary and for Larry's first required minimum distribution (RMD)? 3) Which plans must they take a distribution from during Year 3 (without regard to the ability to delay a distribution)? 4) What is the total amount of Larry's RMD for Year 3? 5) What is the minimum number of RMDs Mary has to take each year? 6) If Mary delays her first RMD to April 1st of Year 3, how much is the total amount of her RMDs for next year? 7) How is life expectancy factor for the inherited Roth IRA determined for the second year compared to the life expectancy for Larry's other accounts? 8) Assume that Mary falls off the sailboat is eaten by a great white shark. Also assume that she named her children, ages 50.48 and 45, as equal beneficiaries on her self-determined Roth IRA What are the implications for the beneficiaries regarding minimum distributions? to search

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