Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In August of 2019, Paul turned age 70 . He was a participant in his former employers profit sharing plan. His profit sharing plan had
In August of 2019, Paul turned age 70 . 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 2018, and $450,000 on December 31 of 2019. According to the Uniform Lifetime Table the factors for ages 70, 71, and 72 are 27.4, 26.5, and 25.6 respectively. What is the amount of Pauls required minimum distribution for 2020?
A. | 0 | |
B. | 16,981 | |
C. | 17,578
| |
D. | 22,641 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started