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 c (Static)
c. What is Tims required minimum distribution for 2020 that must be distributed in 2021 if he turns 75 years old in 2020 (assume the distribution requirement is not waived under the CARES Act)?
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