Sanjah (61) took a distribution of $5,000 from his 401(k) in 2021. His balance in the account at the time of the distribution was $500,000. $430,000 of that was elective deferrals, and the remaining $70,000 was his employer's matching contributions. He has not made any other contributions to the plan and has not taken any other distributions. How much of the $5,000 distribution will be taxable?

$0

$700

$4,300

$5,000