Question
Kim has worked for one employer her entire career. While she was working, she participated in the employers defined contribution plan [traditional 401(k)]. At the
Kim has worked for one employer her entire career. While she was working, she participated in the employers defined contribution plan [traditional 401(k)]. At the end of 2017, Kim retires. The balance in her defined contribution plan is $2,000,000 at the end of 2016. (Use Exhibit 13-3.) (Leave no answer blank. Enter zero if applicable.)
a) What is Kims minimum required distribution for 2017 in 2018 if she is 68 years old at the end of 2017?
b) What is Kims minimum required distribution for 2017 if she turns 70 during 2017 and she has not turned 71 years old by the end of 2017?
c) What is Kims minimum required distribution for 2017 in 2018 if she is 73 years old at the end of 2017
d) Assuming that Kim is 75 years old at the end of 2017 and her marginal tax rate is 33 percent, what amount of her distribution will she have remaining after taxes if she receives only a distribution of $50,000 for 2017?
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