Required information

$[$The following information applies to the questions displayed below.$]$

Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined contribution plan $[$traditional $401(k)].$ At the end of $2023,$ Tim retires. The balance in his defined contribution plan at the end of $2022$ was $$2,000,000.($Use Exhibit $13-3.)$

Note: Leave no answers blank. Enter zero if applicable.

a$.$ What is Tim's required minimum distribution for $2023$ that must be distributed in $2024$ if he is $68$ years old at the end of $2023?$

Minimum required distribution

Required information

$[$The following information applies to the questions displayed below.$]$

Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined contribution plan $[$traditional $401(k)].$ At the end of $2023,$ Tim retires. The balance in his defined contribution plan at the end of $2022$ was $$2,000,000.($Use Exhibit $13-3.)$

Note: Leave no answers blank. Enter zero if applicable.

Required:

b$-1.$ What is Tim's required minimum distribution for $2023$ if he turns $73$ during $2023?$

b$-2.$ When must he receive this distribution?

Complete this question by entering your answers in the tabs below.

What is Tim's required minimum distribution for $2023$ if he turns $73$ during $2023?$

Minimum required distribution

Required information

$[$The following information applies to the questions displayed below.$]$

Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined contribution plan $[$traditional $401(k)].$ At the end of $2023,$ Tim retires. The balance in his defined contribution plan at the end of $2022$ was $$2,000,000.($Use Exhibit $13-3.)$

Note: Leave no answers blank. Enter zero if applicable.

c$.$ What is Tim's required minimum distribution for $2023$ that must be distributed in $2024$ if he turns $75$ years old in $2023?$

Minimum required distribution

Required information

$[$The following information applies to the questions displayed below.$]$

Tim has worked for one employer his entire career. While he was working, he participated in the employer's defined contribution plan $[$traditional $401(k)].$ At the end of $2023,$ Tim retires. The balance in his defined contribution plan at the end of $2022$ was $$2,000,000.($Use Exhibit $13-3.)$

Note: Leave no answers blank. Enter zero if applicable.

d$.$ Assuming that Tim is $76$ years old at the end of $2023$ and his marginal tax rate is $32$ percent, what amount of his distribution will he have remaining after taxes if he receives only a distribution of $$50,000$ for $2023?$

PIC$$COLLAGE

After$-$tax amount