Tim has worked for one employer his entire career. While he was working, he participated in the employer’s defined contr

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Tim has worked for one employer his entire career. While he was
working, he participated in the employer’s 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 d (Static)
d. Assuming that Tim is 76 years old at the end of 2020 and his
marginal tax rate is 32 percent, what amount of his distribution
will he have remaining after taxes if he receives only a
distribution of $50,000 for 2020 (assume the distribution
requirement is not waived under the CARES Act)?