4. In January, Donna's dad, who is 75 years old, agreed in an email with his financial advisor that he wanted to take a distribution of $50,000 from his IRA and roll it over into a new IRA. His financial advisor inadvertently moved the funds into a taxable account. This mistake was discovered by the advisor at the end of the year. As a result, the $50,000 will be treated as a taxable distribution. What should Donna's dad do? Request from the IRS a waiver of the 60-day rollover requirement. Pay the income tax and seek relief from the financial advisor Pay the income tax. Pay the income tax and move his funds to a new advisor. a. b. c. d. 5. Kay turned 70% on March 17th of Year 2. Her profit-sharing account balance was $500,000 at the end of Year 1 and $550,000 at the end of Year 2. Her beneficiary is her favorite granddaughter, Jordan, who turned 12 years old on July 23rd of Year 2. Assume that the joint life expectancy factor for a 70-year-old and a 12-year-old is 71 and the joint life expectancy for a 71-year-old and a 13-year-old is 70. Also, assume that the life expectancy factor based on the uniform lifetime table for someone who is 70,71, and 72, is 27.4, 26.5, and 25.6, respectively. Kay takes a distribution of $10,000 in November of Year 1 and in Year 2. What is the Kay's minimum distribution for a. $18,248. b. $18,868. c. $20,073. d. $20,755 6. Donna turned 72 on January 7th of Year 2. Her profit-sharing account balance was $100,000 at the end of Year 1 and $150,000 at the end of Year 2. Her beneficiary is her older sister, Robin, who turned 82 years old on July 2nd of Year 2. Assume that the life expectancy factor based on the uniform lifetime table for someone who is 70, 71 72, and 73 is 27.4, 26.5, 25.6 and 24.7, respectively. If Donna only takes a distribution of $2,000 for Year 2, then how much is her minimum distribution penalty? a. $953 b. $1,024. c. $1,930. d. $2,036