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Suppose Joe Smith, age 72, dies owning a traditional IRA worth $500,000. He is not married. His heir is his daughter, Victoria, age 36, and

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Suppose Joe Smith, age 72, dies owning a traditional IRA worth $500,000. He is not married. His heir is his daughter, Victoria, age 36, and Victoria is the sole named beneficiary of the IRA account upon Joe's death. Assume Joe dieson Dec. 1, 2018, without taking his own required minimum distribution for the year 2018. Assume the balance in the IRA account was $481,020.18 as of Dec. 31, 2017. Also assume Joe's birthday is May 1, 1946. Assume Victoria's birthday is Feb. 3, 1984. Assume that the balance in the IRA account will be $516,887.66 on Dec. 31, 2018. 2. a. What options does Victoria possess for taking out funds from the IRA? b. What is the required minimum distribution in the year loc Smith dies, and who doe c. What is the required minimum distribution in the following year? (Hint: search for "inherited IRA s iIt get paid to? calculator" online.)

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