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In August of 2019 (before the RMD age change), Paul turned 71. He was a participant in his former employers profit-sharing plan. His profit-sharing plan
In August of 2019 (before the RMD age change), Paul turned 71. He was a participant in his former employers profit-sharing plan. His profit-sharing plan had an account balance of $600,000 on December 31 of 2019, and $450,000 on December 31 of 2018. According to the Uniform Lifetime Table, the factors for ages 70, 71, and 72 are 27.4, 26.5, and 25.6 respectively.
1. In which year should he start RMD?
2. What is the amount of Pauls first required minimum distribution?
3. When is the deadline to make the contribution?
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