Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Comprehensive Problem 13-85 (LO 13-1, LO 13-2, LO 13-3, LO 13-4, LO 13-5, LO 13-6) (Algo) lan retired in June 2019 at the age of
Comprehensive Problem 13-85 (LO 13-1, LO 13-2, LO 13-3, LO 13-4, LO 13-5, LO 13-6) (Algo) lan retired in June 2019 at the age of 71. Ian's retirement account was valued at $564,000 at the end of 2018 and $580,000 at the end of 2019. He has had all of his retirement accounts open for 15 years. What is lan's required minimum distribution for 2020 under each of the following alternative scenarios? (Use Exhibit 13-3) (Leave no answer blank. Enter zero if applicable.) Required: a. lan's retirement account is a traditional 401(k) account. b. lan's retirement account is a Roth 401(k) account. c. lan's retirement account is a traditional IRA. d. lan's retirement account is a Roth IRA. a. b. Required minimum distribution Required minimum distribution Required minimum distribution Required minimum distribution C. d. EXHIBIT 13-3 Abbreviated Uniform Lifetime Table Age of Participant Distribution Period Applicable Percentage* 70 27.4 3.65% 71 26.5 3.77 72 25.6 3.91 73 24.7 4.05 74 23.8 4.20 75 22.9 4.37 76 22.0 4.54 77 21.2 4.72 *The applicable percentage is calculated by dividing 1 by the relevant distribution period. Source: See Reg. $1.401(a)(9)-9
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started