Tim has worked for one employer his entire career. While he was working, he participated in the employer’s defined contr
Posted: Tue Nov 16, 2021 8:42 am
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 b (Static)
b-1. What is Tim’s required minimum required for 2020 if he
turns 72 during 2020? What is Tim's required minimum required for
2020 if he turns 72 during 2020?
b-2. When must he receive this distribution (assume the
distribution requirement is not waived under the CARES Act)? When
must he receive this distribution (assume the distribution
requirement is not waived under the CARES Act)?
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 b (Static)
b-1. What is Tim’s required minimum required for 2020 if he
turns 72 during 2020? What is Tim's required minimum required for
2020 if he turns 72 during 2020?
b-2. When must he receive this distribution (assume the
distribution requirement is not waived under the CARES Act)? When
must he receive this distribution (assume the distribution
requirement is not waived under the CARES Act)?