Question
Hello, Please help, and unable to upload FROM 5329 Margaret has worked for one employer his entire career. While she was working, she participated in
Hello,
Please help, and unable to upload FROM 5329
Margaret has worked for one employer his entire career. While she was working, she participated in the employers defined contribution plan [traditional 401(k)]. At the end of 2020, Margaret retires. The balance in her defined contribution plan is $2,000,000 at the end of 2019.
Complete Form 5329, page 2, to report the minimum distribution penalty in part (d).
Question #3: Assume Margaret is aged 70 as of 12/31/2020 when he retires.
" Next, click "Save." (Use 2020 amounts regardless of the year on the form.)
EXHIBIT 13-3 Abbreviated Uniform Lifetime Table
Age of Participant | Distribution Period | Applicable Percentage* |
---|---|---|
70 | 27.4 | 3.65% |
71 | 26.5 | 3.77 |
72 | 25.6 | 3.91 |
73 | 24.7 | 4.05 |
74 | 23.8 | 4.20 |
75 | 22.9 | 4.37 |
76 | 22.0 | 4.54 |
77 | 21.2 | 4.72 |
*The applicable percentage is calculated by dividing 1 by the relevant distribution period. Source: See Reg. 1.401(a)(9)-9.
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