A client becomes age 70 1/2 on October 1 of this year (2017) and must receive a minimum distribution from his IRA account, which had a value at the beginning of the current year of $53,000. His spouse, age 63, is the beneficiary of the IRA account. His life expectancy according to IRA tables is 26.5 years. If the client takes a $1,000 distribution by next April 1, what will be the tax penalty, if any?

$0

$ 100

$150

$ 500