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Just need help with the second one! Thanks! This case scenario applies to the next 2 questions (using SECURE Act 2.0 information). As needed, use
Just need help with the second one! Thanks!
This case scenario applies to the next 2 questions (using SECURE Act 2.0 information). As needed, use the tables on pages 96,119,121, and 124-126 of the text. + Quentin is age 73 on August 7, this year. + The balance in Quentin's mutual fund IRA on December 31, last year, is $200,000. + The balance in Quentin's bank IRA on December 31, last year, is $100,000. + Quentin wants to take a distribution by the end of this year to satisfy the minimum distribution requirement. + Elizabeth, his wife, is age 65 and is the beneficiary on both of Quentin's IRAs. + Age 73 RMD factor is 26.5 Which of the following are correct statements about Quentin's financial situation? I. Quentin can take his RMD from both the mutual fund IRA and the bank IRA II. Quentin must take his RMD from both the mutual fund IRA and the bank IRA III. Quentin can aggregate his RMD from all IRA balances and choose either the mutual fund IRA or bank IRA to withdraw the RMD Select one: a. I only b. I and III only c. II and III only d. II only Clear my choice Continue to use the information from the previous question. Which of the following are correct statements about Quentin's financial situation I. Quentin's RMD from the mutual fund IRA is $7,547.17 II. Quentin's RMD from the bank IRA is $3,773.58 III. If Quentin fails to withdrawal the RMD by the IRS deadline will owe a penalty of $5,660.38 IV. If Quentin fails to withdrawal the RMD by the IRS deadline will owe a penalty of $2,830.19 Select one: a. I and II only b. I, II, and III only c. I and III only d. I, II, and IV only e. II and IV onlyStep by Step Solution
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