Question
Maria has accumulated $5.3 million in her retirement account by 12/31/2016.She turns 70 today, March 21,2017. Her end of year balances going forward are: $5.35million
Maria has accumulated $5.3 million in her retirement account by 12/31/2016.She turns 70 today, March 21,2017. Her end of year balances going forward are: $5.35million on 12/31/2017, $5.47 million on 12/31/2018,$5.21 million on 12/31/2019, and $5.02 million on 12/31/2020. Maria has deemed as her sole beneficiary her cousin john who is 62 years old at the end of 2016
1. by when must Maria take first her RMD?
2. What is the amount of her first RMD?
3. what is the amount of her second RMD?
4. If maria were to pass away on april 4,2018,then when must john begin withdrawing RMDs from this account.
5. if john withdraws the correct RMDS,then how much must he withdraw in 2018,2019,an 2020
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