Question
Tim has worked for one employer his entire career. While he was working, he participated in the employers defined contribution plan [traditional 401(k)]. At the
Tim has worked for one employer his entire career. While he was working, he participated in the employers defined contribution plan [traditional 401(k)]. At the end of 2020, Tim retires. The balance in his defined contribution plan is $2,000,000 at the end of 2019. Assume CARES Act applies. (Use Exhibit 13-3.) (Leave no answer blank. Enter zero if applicable.) rev: 10_14_2020_QC_CS-231569 CARES Problem 13-53 Part a (Static)
a. What is Tims required minimum distribution for 2020 that must be distributed in 2021 if he is 68 years old at the end of 2020?
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